MOSCOW, January 21. /TASS/. Indonesian authorities are considering an option to reduce domestic nickel production to increase metal prices in the international market, Tri Winarno, director-general of mineral and coal at the Energy Ministry of Indonesia, told The Financial Times.
"Nickel production should be in accordance with the needs of the domestic industry and the export market, ensuring that the volume produced does not cause a continuous decline in the price of the commodity and price of the commodity is more stable in the global market," the official said, cited by the news outlet. At the same time, Winarno did not detail the specific level to reduce nickel ore mining quotas considered by the Indonesian government.
Nickel prices have lost about 40% over the past two years to approximately $16,000 per metric ton, the newspaper said.
Indonesia is one of the world’s largest nickel producers. It leads in the mining of this metal - accounting for 38% of the global volume.