Indonesia Curbing Nickel Supply to Support Locals, Eramet Says [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
Most Read from Bloomberg Trump Promises Could Have Seismic Impact on Washington Economy Paris to Replace Parking Spaces With Trees Tokyo's Scorching Summers Focus Public Anger Against Tree Cutting NYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid Probes New York's Transit Agency Approves $9 Congestion Toll The French miner, which operates the world's largest nickel mine in Indonesia's North Maluku province, was this year given a sales quota by the Asian nation that was 29% less than it expected, causing its share price to plunge in October. The government curbs were meant to protect local miners from the global slump in prices, but also led to a shift in production to higher-grade ores used to make stainless steel. That reduced local supply of battery-grade nickel ore, forcing local smelters — which are key to Indonesia's ambitions to become a major player in electric vehicles — to turn to more expensive imports. “They wanted to maintain a good price for th
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