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The current LME nickel price is standing at a high level, due to the tight market supply caused by the conflict between Russia and Ukraine. Besides, Indonesia also plays a strategic role in nickel production.
According to Fitch Solutions, a credit intelligence provider under Fitch Group, the global nickel market was expected to remain in deficit through 2030, and the growth in global nickel production will not catch up with the growth in demand.
In the future years, the demand for nickel will increase as global battery production will expand to meet demand from the electric vehicle industry. However, global production growth will be limited by Indonesia''s export ban on nickel ore.
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