Indonesia Weighs Pausing New Nickel Semi-Finished Processing Plants

This signals a shift from Indonesia's long-standing capacity-expansion playbook toward supply management, echoing the quota curbs already used on the mining side. The immediate read-through is for producers of nickel intermediates and their downstream buyers, who have been the main beneficiaries of cheap Indonesian supply. Whether the pause moves from discussion to policy is the open question, since any capacity cut would reshape the global intermediate market that has priced in continuous Indonesian growth.