Indonesia's nickel output accounts for as much as 63% of global overcapacity causing nickel prices to plummet

According to the Association of Indonesian Nickel Miners (APNI), Indonesia currently controls 63% of the world's total nickel production.Since 2022, Indonesia's share of global nickel production has reached 501 TP3T and continues to grow each year.Indonesia contributed 501 TP3T of the global nickel supply surplus in 2022; 311 TP3T in 2023; and 161 TP3T in 2024.The total nickel production surplus of about 500,000 tons globally in 2023-2024 originates mainly from Indonesia, which has led to the global nickel prices to plummet. Indonesia's nickel industry is relatively low-cost, and its nickel mining still adopts the open-pit mining method, without the need to invest high costs in complex underground mining. In contrast, some of the nickel mines in Russia, Canada and Brazil are underground, which is more costly and complicated.