Sumitomo Metal, Japan's largest nickel smelter, stated that the global nickel market will increase in 2024 as Indonesia's production of low-quality nickel pig iron (NPI) increases to meet the growing demand for EV batteries.
Since the country has high nickel resources, government policies also support domestic production. Officials predict Indonesia's NPI production will increase from 24,000 tons to 36,000 metric tons this year.
Sumitomo Metal stated that although global demand for nickel is expected to increase in 2024, the supply may be higher. However, it is thought that the demand for stainless steel will also increase.
Comments
No comment yet.