- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
As Indonesia’s nickel market continues to flourish, industry experts are predicting the base metal could steal palm oil’s export status.
As the electric vehicle (EV) market continues to evolve, the global exports that contribute to it are reshaping simultaneously. EV demand has had a strong impact on Indonesia, whose blossoming nickel industry may soon overshadow palm oil, the country’s second-largest export.
While stainless steel production still accounts for about70 percent of the nickel market, thebase metal is also a key component in mostlithium-ion batteries alongsidebattery metal companioncobalt.
With China currently dominating the EV market, nearby neighbors have been eager to jump on the bandwagon and help supply the Asian nation with necessary materials.
As one might expect, Indonesia is no exception. In a recent interview withReuters, Chief of Indonesia’s Investment Coordinating Board Thomas Lembong said he believes the nickel industry could take the spotlight away from major export palm oil.
“Our palm oil industry is worth about US$18 to US$20 billion in exports. I could see nickel and its derivatives, stainless steel, carbon steel, lithium-ion battery cells, surpassing that in the next 10 to 15 years,” Lembong told Reuters.
According to a statement from Indonesia’s Ministry of Industry, the country is currently on track to become the world’s second-largest stainless steel producer as its main production site at Morowali reaches a targeted 4 million tonnes per year.
Last year, Indonesia led the pack in terms of nickel production, a report from the US Geological Survey states. The country saw mine production of 560,000 metric tons in 2018, with reserves being listed at 21 million metric tons.
According to theObservatory of Economic Complexity, Indonesia is the world’s 25th-largest export economy, sending out US$188 billion worth of goods in 2017. Those exports were led bycoal briquettes, making up 10 percent at US$18.9 billion, and palm oil, which made up 9.6 percent at US$18.2 billion.
As of Tuesday (March 26), nickel was trading at US$12,845 per tonne on the London Metal Exchange.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.