Indonesia’s mining policy has undergone a sudden change! The validity period of mining quotas has been directly shortened from three years to one year, with immediate effect. The quota for 2025 is still valid, but miners must resubmit applications for the mining quota from 2026 to 2027. The government’s strong withdrawal of production control rights aims to stabilize the prices of key resources such as coal and nickel.
Affected by policies, the market’s expectation of tightening nickel supply quickly heated up. On October 9th, the reference price of nickel in Shengyi Society was 124000 yuan/ton, an increase of 1.22% in a single day. However, short-term policy benefits cannot mask long-term fundamental pressures. The global nickel market is still shrouded in the shadow of oversupply, and it is expected that the oversupply will reach as high as 256000 tons in 2026, which will continue to suppress the upward space of prices.
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