Indonesia and China currently account for 70% of global nickel ore supply and demand, with Indonesia accounting for 55% of global supply and expected to increase to more than 70% by 2028. Therefore, in the next five years, Indonesia will be able to consolidate its leadership in global nickel ore supply.

However, demand for nickel ore is strong and increasing, and Indonesia's production capacity has expanded significantly, which may bring oversupply.

Price differences between nickel ore categories appeared in 2022 and will continue in 2023, providing margin opportunities for nickel pig iron processing plants.

Huge demand from China has protected nickel ore from negative price swings in the market. The future market still faces challenges in view of trade wars, epidemics, macroeconomic factors, etc.