[SMM Stainless Steel Flash] According to CREA, Stainless Steel Still Leads Indonesia's Nickel Demand

Published: Apr 20, 2026 18:07

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According to CREA report, stainless steel remains the dominant end-use for Indonesia's nickel despite ongoing "green nickel" marketing efforts. In 2025, 83% of nickel output will go to stainless steel versus 17% for EV batteries; by 2030, stainless steel is still projected to account for 51% of supply against 18% for batteries. Demand from the battery sector faces uncertainty as more EVs shift to nickel-free technologies. Indonesia, which produces over half of global refined nickel, faces mounting pressure from stricter environmental regulations and carbon taxes over its coal-powered production, along with broader supply chain risks. Separately, BMI (a Fitch Solutions company) raised its 2026 nickel price forecast to US$16,600/ton, citing policy uncertainty and rising supply risks.

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