Indonesia will suspend nickel ore exports immediately rather than stopping overseas shipments early next year, officials said on Tuesday, as the worldβs top producer of the mineral looks to ramp up processing at home to boost its income.
Some three dozen firms met government officials on Monday and agreed to stop exporting the metal, according to the countryβs Investment Coordinating Board (BKPM).
London nickel prices briefly jumped above $17,000 a metric ton.
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The surprise announcement comes about a month after resource-rich Indonesia shocked markets by saying it would
