#Bloomberg: #Indonesia Suspends #Nickel Ore Exports With Immediate Effect
(Bloomberg) — Indonesia suspended exports of nickel ore with immediate effect after a planned ban on shipments from the beginning of next year led to a rush to beat the deadline.
The mineral meant for exports during the rest of the year will be absorbed by domestic companies with smelters, Indonesia’s Investment Coordinating Board Chairman Bahlil Lahadalia told reporters in Jakarta on Monday. The government and nickel miners association agreed to halt exports immediately and there won’t be any notification issued in this regard, he said.
Nickel rose as much as 1.2% to reach $16,980 a ton on the London Metal Exchange after the news. Prices peaked at $18,060 in early September immediately after Indonesia first announced plans to expedite the ore ban. Shares of nickel producers also rallied on the news with MMC Norilsk Nickel PJSC jumping as much as 7%.