This explains the rise. In the absence of an announcement before the end of this week confirming the ban is to be brought forward the price will dribble down IMO.
Concerns about Indonesia’s export ban was rekindled by market talk that the country’s Minister of Energy and Mineral Resources (MEMR) has approved the ban on raw ore exports and that details about the decision will be announced on Monday August 5.
This means that Indonesia, a major source of nickel ore, will likely advance its export ban from the previously scheduled 2022.
Some Chinese nickel ore traders told SMM that they did hear of the market talk, but Indonesian miners such as Antam and Sambas said that they have yet to receive any notices.