Nickel market: Price rallied as Indonesia cut production
• The global nickel industry is in a period of strong growth with supply and demand growing at a compound rate of 11% per year and 9% per year• Indonesia has the world's largest reserves and the world's largest nickel refining industry. Nickel demand is being driven by the electric vehicle industry in China.
• In Vietnam, there is only one large-scale nickel production and export company, Tan Phat Minerals Company – a member of PC1 Group (HSX: PC1) with an annual export volume of about 50,000 – 60,000 tons.
• In early 2026, nickel prices have seen a slight increase as Indonesia's Ministry of Energy and Minerals plans to cut production by about 30% to protect selling prices.
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