Indonesia’s big bet on nickel is at risk of turning sour, as plunging prices and a supply crunch of ore force refiners to reduce output and lay off workers.
The country, which boasts the world’s largest nickel reserves, invested heavily to meet surging demand for the metal, which is critical to stainless steel and electric vehicle batteries.
But the resulting swell of supply has sent nickel prices to five-year lows on the London Metal Exchange, hurting global competitors, and in recent months, Indonesia itself.
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