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BEIJING/JAKARTA, Aug 23 - Prices of nickel ore in top global producer Indonesia have surged about 10% in recent weeks, say local buyers, after an investigation into mining quotas disrupted production of the metal used in stainless steel and batteries.
"Smelters are scrambling for ore, with fears of not enough supply especially after big buyers lifted prices," said the manager at a Chinese-owned smelter who declined to be identified as he is not authorised to speak to media. The suspension of new mining quota could reduce ore supply in the country by 30% during the August-December period, said MySteel.
Most of the ore is smelted into nickel pig iron, which is partly consumed locally to make stainless steel and partly exported to China for further processing.
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