【SMM Nickel Market Flash】A new analysis from New America suggests the U.S. withdrawal from global climate leadership has created a competitive dynamic between the EU and China for partnerships in the Global South. This allows resource-rich nations like Indonesia to move beyond raw material exports by negotiating "mini trade deals" that include technology transfer and domestic industrial development. The report uses Indonesia's 2020 ban on raw nickel ore exports as a key example. The policy forced Chinese firms like Tsingshan and CATL to invest heavily in building local smelters and refineries, significantly boosting Indonesia's refined nickel output. However, the analysis also notes that this rapid industrialization has come with steep environmental and social costs.