Behind the Money How Indonesia cornered the nickel market
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Jun 11, 2025 A. Anantha Lakshmi, the Jakarta correspondent for the Financial Times, shares insights on Indonesia's transformation from a nickel underdog to a dominant market player. Discover how a 2014 export ban ignited foreign investments and reshaped global dynamics. The conversation delves into the geopolitical tensions affecting supply chains, particularly the West's reliance on China. Also highlighted are alarming worker safety issues in the nickel industry, raising questions about environmental practices in this booming sector.
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Indonesia's 2014 Nickel Export Ban
- Indonesia banned raw nickel ore exports in 2014 to boost value and attract foreign investment.
- This forced processing to be done domestically, shifting Indonesia from raw ore exporter to refined nickel producer.
China Powers Indonesia's Nickel Growth
- Chinese companies invested heavily and control over 75% of Indonesia's nickel refining.
- China's advanced processing technology and investment accelerated the rapid growth of Indonesia's nickel industry.
China's Critical Minerals Strategy
- China deliberately targets critical mineral supply chains worldwide to dominate future industries.
- Controlling nickel and other minerals supports China's goal to be the dominant global power economically and strategically.