A series of press reports relating to the changes in Indonesia's nickel ore export ban policy amid volatile nickel prices on the London Metal Exchange has left market participants baffled, Fastmarkets understands.
The latest news regarding Indonesian nickel exports claims that Indonesia's President Joko Widodo will make the final decision on whether the country will bring an export ban on mineral ore forward, Reuters reported on August 13. Also on Tuesday August 13, Reuters reported that the revision to the mineral export rule is currently being drafted, while Luhut Pandjaitan, coordinating minister for maritime affairs in Indonesia, favors bringing the ban forward from 2022, Pandjaita said. "News from Indonesia changes so quickly, one minute they say they will follow initial plans to ban ore exports from 2022, the next minute they change the idea and say it's up to a final decision. We really don't know what to do," a Shanghai-based trader said. "Apart from these temperamental official news...