The market once again rumored that Indonesia would grant a larger domestic mine a higher nickel ore production quota or increase market supply, and nickel prices fell to their lowest level since mid-July. The biggest drop in nickel prices in the London market was 2.1% to $16,750 per ton. The Shanghai Nonferrous Metals Network said that the mining company will receive an additional ore quota of tens of millions of tons in the second half of the year, but no specific miners were specified. A spokesman for Indonesia's Ministry of Energy and Mineral Resources did not immediately respond to a request for comment. Indonesia is the world's number one producer of nickel. Nickel is used in stainless steel and batteries. The country's production accounts for about 60% of the world's total production, and changes in its supply policy will influence the market supply and demand pattern. The media reported in June that the Indonesian government is preparing to drastically increase nickel production later this year. As of press time, nickel futures on the London Metal Exchange fell 1.7% to $16,825 per ton. Prices have remained essentially the same throughout the year so far.

The market once again rumored that Indonesia would grant a larger domestic mine a higher nickel ore production quota or increase market supply, and nickel prices fell to their lowest level since mid-July. The biggest drop in nickel prices in the London market was 2.1% to $16,750 per ton. The Shanghai Nonferrous Metals Network said that the mining company will receive an additional ore quota of tens of millions of tons in the second half of the year, but no specific miners were specified. A spokesman for Indonesia's Ministry of Energy and Mineral Resources did not immediately respond to a request for comment. Indonesia is the world's number one producer of nickel. Nickel is used in stainless steel and batteries. The country's production accounts for about 60% of the world's total production, and changes in its supply policy will influence the market supply and demand pattern. The media reported in June that the Indonesian government is preparing to drastically increase nickel production later this year. As of press time, nickel futures on the London Metal Exchange fell 1.7% to $16,825 per ton. Prices have remained essentially the same throughout the year so far.