Indonesia wants to be the 'OPEC' of nickel, but Chinese capital is voting with its feet

The cost of Indonesia's high-grade nickel matte has risen to over $16,000 per ton, and the cost of mixed hydroxide precipitate (MHP) has risen to over $17,000 per ton. Mining investment peaked in 2024 and has since leveled off. Rising costs are prompting Chinese capital to reduce investment in Indonesia's nickel mines and shift to other mineral resource regions with more cost advantages.