Start of Indonesia's nickel ore export ban reverts to January 2020

Indonesian officials said on Tuesday October 29 that their country’s ban on the export of nickel ore will begin in January 2020, as previously scheduled, once a review of irregular ore exporting practices is concluded.

This reverses reports on October 28 that the ban would begin with immediate effect. The review is likely to be finished in a week or two, Luhut Pandjaitan, Indonesia’s coordinating minister for maritime and mining affairs, told reporters in Jakarta on Tuesday. The price of nickel briefly spiked and the material was heavily traded on October 28, after the chairman of Indonesia’s investment coordinating board, Bahlil Lahadalia, told reporters in Jakarta that the ore ban would take immediate effect on Monday. Commencement of the ban was scheduled for January 1, 2020, according to an announcement on August 30 this year. That brought the start date forward from January 2022, and resulted in nickel prices reaching a five-year high. Subsequently, there has been a threefold increase in...

Published

Orla O'Sullivan

October 29, 2019

19:12 GMT

New York