In August 2024, Indonesia's high-grade nickel matte production was 28,200 mt (Ni contained), down 4.08% MoM, up 12.8% YoY. The cumulative production in January-August increased by 13.3% YoY. The main reason is that NPI prices have been driven up by tight supply and rising ore prices, leading to better profits. Therefore, some production lines have flexibly been switched to producing NPI. However, due to the many new projects launched in Indonesia in Q3, there is a small increase in production, making the overall reduction in Indonesia's high-grade nickel matte production limited.
In September 2024, it is expected that with the continuous ramp-up of new projects and the expectation of new projects being launched in September, high-grade nickel matte production may see an increase compared to August. Therefore, it is expected that Indonesia's high-grade nickel matte production in September will be 29,200 mt (Ni contained), up 3.55% MoM, up 46% YoY. The cumulative production in January-September is expected to increase by 16.69% YoY.
