Indonesia's NPI production in November 2023 reached 127,400 mt in nickel content, up 10.03% MoM and up 26.6% YoY. The cumulative production for the year amounted to 1,246,900 mt in nickel content, up 19.5% YoY. The rise in Indonesia's high-grade NPI production generally aligns with the forecasts by SMM. The issuance of temporary mining quotas by the Indonesian government has significantly alleviated market concerns over tight nickel ore supply. In the latter half of November, the premiums for medium and high-grade nickel ore have returned to their normal ranges.
High-grade NPI smelting costs in Indonesia have been reduced. Despite falling NPI prices in November, Indonesian smelters retain a cost advantage over Chinese counterparts, keeping most lines at full capacity. New lines starting in November also boosted high-grade NPI output. December's NPI production in Indonesia is expected to stay stable at around 127,700 mt in nickel content, up 0.24% MoM.
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