According to market participants, the Indonesian government confiscated land from nickel miners PT Weda Bay Nickel and PT Tonia Mitra Sejahtera due to a lack of forestry permits. This has raised concerns in the nickel market, with fears of potential disruptions in nickel ore supply and worries about an increased investigation by the working group into mining companies. The price outlook for the Chinese stainless steel market is somewhat pessimistic, as market optimism has gradually weakened due to weak transactions and the decline in prices on the Shanghai Futures Exchange. Boosted by tightened cobalt supply, the MHP price coefficient assessed by Agence France-Presse based on LME nickel spot official prices this week also rose to 87-88%.
