A prolonged slump in nickel prices is stress-testing producers worldwide, raising the prospect of sweeping mine closures that will deepen Indonesia’s dominance of global supply.
The metal used in stainless steel and electric-vehicle batteries is down more than 40% from a year ago amid a growing global glut. That’s piling pressure on higher-cost operations and could pose the greatest risk to new projects outside Indonesia.
So far, the main casualties are in Australia. On Monday, billionaire Andrew Forrest’s nickel producer Wyloo Metals Pty Ltd. said it’s
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