The mining ministry has ordered exporters to stop shipments from January 1, 2020 regardless of standing contracts [File: Yusuf Ahmad/Reuters]
Richard Fernandez, PJMedia: World's biggest nickel ore maker bans exports from January 2020
Indonesia is banning all nickel ore exports two years ahead of schedule, sending prices surging across the world.
Indonesia said on Monday it will stop nickel ore exports from January 1, 2020, two years earlier than initially flagged as it speeds up efforts to process more of its resources at home.
Bambang Gatot Ariyono, the mining ministry's director general for coal and minerals, said the ban will apply to all grades of nickel ore and ordered exporters to stop shipments from that date regardless of standing contracts.
"That is why we are announcing now so they have four months of transition time," Ariyono told reporters.
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Update: Nickel is surging after Indonesia said it will ban exports of the metal from January (Business Insider).
WNU Editor: This cuts off one of the major sources of raw material to the Chinese iron industry, and it will have consequences.
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