70% global market share of nickel supply expected from Indonesia, attracting contrarian investors.
Nickel, a key ingredient in stainless steel and batteries, is now a contrarian play due to an explosion of supply from Indonesia, which could rise to 70% of the global market share. The Southeast Asian nation's production increased from 2-3% a decade ago to 50% now, largely due to an export ban and abundant lateritic nickel deposits. This shift from cyclical to structural is drawing contrarian investors to the market.
May 13, 2024
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