Indonesian Nickel Mine Export Ban Takes Effect Immediately

According to sources, Indonesian Investment Committee Chairman Bahlil Lahadalia issued a statement saying that the Indonesian government immediately banned nickel ore producers from selling abroad.

The export ban imposed yesterday (October 29, 2019) was earlier than the original January 1, 2020.

According to Lahadalia, the ore used for export will be purchased by domestic refineries at international prices, minus taxes and transshipment costs.

After the news was released, LME’s three-month nickel plate rose, ending at 19:32, or 0.92%, to $17,005/ton.

It is reported that the current Indonesian mines have not been notified, most traders and Indonesian factories said that they have not heard of it, and some Indonesian factories are true, and overall it is still uncertain.

Some Indonesian producers said that some actions taken by the government, such as strengthening supervision and affecting the launch of ships, have made this situation a trend.

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