Indonesia Nickel-Ore Ban Sends Sumitomo Looking for Supply

Bloomberg reported restrictions on nickel-ore exports by Indonesia may force Japan to source raw material from other suppliers or reduce output.

As quoted in the market news:

Nickel, used to strengthen stainless steel, has fallen 10 percent this year, extending last year’s 24 percent loss on slowing demand in China and concern over Europe’s debt crisis. Indonesia’s 20 percent tax on ore exports will boost prices in the mid-term, while large stockpiles in China will limit short- term impacts, China International Capital Corp. said on May 8.

Click here to read the full Bloomberg report.