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Could Jakarta’s moving goalposts corrode investor faith in nickel?

The Indonesian government’s big push for downstreaming is delivering results, but it comes with trade-offs

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Anita Gabriel

Anita Gabriel

Published Thu, Dec 18, 2025 · 07:00 AM
    • Jakarta is scrambling to rein in lower-grade nickel output by blocking new smelters producing nickel pig iron and ferronickel, in favour of higher-value processing.
    • Jakarta is scrambling to rein in lower-grade nickel output by blocking new smelters producing nickel pig iron and ferronickel, in favour of higher-value processing. PHOTO: AFP

    [SINGAPORE] Let’s face it. Indonesia’s “long game” to reclaim control of its natural resources is easy to defend.

    The commodities-blessed country wants to move beyond supplying feedstock and build an industrial base to capture more value at home.

    The rub lies elsewhere.

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