The Strategist

Australia puts nickel on the list of critical raw materials

02/19/2024 - 02:17

According to the Financial Times, the Australian government added nickel to the list of essential metals.

UCSD Jacobs School of Engineering
UCSD Jacobs School of Engineering
As a result, the nation's nickel producers will have access to the A$6 billion ($3.9 billion) stimulus fund, which offers grants and soft loans to help the sector.

The Australian Resources Minister Madeleine King stated, "International nickel prices are forecast to remain at relatively low levels in 2024 - and likely for several more years until the market oversupply corrects."

According to the FT, large-scale imports of inexpensive metal from Indonesia are causing losses for Australian nickel manufacturers. The price of nickel has dropped by 43% in the last 12 months.