SHANGHAI, Oct 31 (SMM) – Indonesia, the world’s biggest nickel ore producer, temporarily stopped nickel ore exports after authorities launched an investigation into “massive violations” of export rules late last week. The market was taken by surprise by the sudden move and nickel prices soared,
SMM learned that mines who have export quotas have recovered the loading of nickel ore with a Ni grade lower than 1.7%, and that leaving vessels are still subject to an inspection into ore grade. Vessels carrying nickel ore left Pomalaa mining area in Indonesia this morning, SMM learned.
This round of investigations is expected to end on November 1.
