Indonesian nickel downstreaming prompts tenfold jump in export value

The Minister of Energy and Mineral Resources demonstrated at the Mandiri Investment Forum that the value of nickel exports has jumped tenfold due to the downstreaming of the nickel industry.He stated that Indonesia's nickel exports in 2017-2018 amounted to only US$3.3 billion. This figure has risen sharply since President Joko halted the export of nickel raw materials, and in 2023 it has reached about $33-35 billion, and in 2024 it is expected to reach about $40 billion. He said the policy of halting nickel exports had been met with opposition and demonstrations for several days, and had also faced a boycott through the WTO by Western countries, which had forced Indonesia to continue exporting unprocessed nickel because of its dependence on raw materials from Indonesia. He said that the current Indonesian ministers had wisdom and integrity and that the old ways should no longer be used in Indonesia.