According to the Indonesian Nickel Miners Association (APNI), Indonesia currently controls 63% of the world's total nickel output. Since 2022, Indonesia's share of global nickel production has reached 50% and continues to increase annually. In 2022, Indonesia contributed 50% of the global nickel supply surplus; in 2023, 31%; and in 2024, 16%. From 2023 to 2024, the total global nickel output surplus was approximately 500,000 tons, mainly from Indonesia, which has led to a sharp drop in global nickel prices. The Indonesian nickel industry has lower costs, as its mines still use open-pit mining without the need for high-cost complex underground mining. In contrast, some nickel mines in Russia, Canada, Brazil and other countries are underground, with higher costs and more complex processes.