Australia’s nickel industry is on a downward spiral, and a growing number of companies are making the call to slash production.

Driven by a surge in Indonesian supply, falling nickel prices and high operational costs are costing thousands of jobs.

Australia is the world’s fifth largest nickel producer, with the strongest demand for the resource coming from the electric vehicle sector, largely from China.

The London Metal Exchange’s nickel futures have fallen 47 per cent since the beginning of 2023.

“The LME is awash with pollutive nickel, which is squeezing out clean nickel from Australian producers,” Wyloo Metals Chief Executive Luca Giacovazzi said in a statement.

свернуть