Nickel Journal
Nickel ended substantially lower at US$18,575 per ton last Friday (Jun 5) despite reports about suspension of production at PT Weda Bay Nickel (WBN), the largest nickel ore miner in Indonesia, since late May. Softer near-term demand in China and growing nickel supply from the Philippines prevented further rally in the commodity.
Mineral Exchange?
The government’s plan to establish a National Mineral Exchange is being presented as a bold step toward economic sovereignty. The argument is simple: Indonesia is one of the world’s largest producers of nickel and other strategic minerals, yet prices are often discovered and traded through foreign exchanges in Singapore or elsewhere. Why should a resource-rich country remain a price taker?
New Regulation on oil import: Paving the way for Russian oil
President Prabowo Subianto has just issued Regulation (Perpres) No. 26/2026 about import of crude oil and fuel, which basically allows Lemigas, an public service agency (BLU) for oil and gas testing centre under ministry of energy & mineral resources (ESDM), to import the commodities alongside state oil and gas company Pertamina.
Nickel Journal
Nickel edged up 1.06% Thursday (May 28) in the London Metal Exchange (LME) as investors were nervous with developments in PT Weda Bay Nickel (WBN) and the Indonesia Weda Bay Industrial Park (IWIP), one of the largest nickel processing centres in the country.
Oil & Gas Journal
Brent crude oil futures declined further to US$93.4 per barrel this morning as the US and Iran have reportedly reached a memorandum of understanding (MoU) on 60-day truce for peace talks, whilst pending Trump’s approval. VP Vance added optimism in the market with his statement that both countries have made a lot of progress towards the deal.
Oil and Gas Journal
Brent crude oil declined further to US$97 per barrel this morning as the US and Iran moved closer to a deal, which would reopen the Strait of Hormuz. Aljazeera.com reported that a high-level Iranian delegation is currently in Qatar to discuss the most sensitive issues that still present barriers to a deal to end the war.
Prabowo’s wishful thinking as price maker for coal, vegetable oil
Indonesia is the largest exporter of palm oil and thermal coal, no doubt. President Prabowo Subianto expects Indonesia as price maker for both commodities upon seeing ‘success’ in ‘controlling’ global nickel price.
Export data discrepancy & under-invoicing (2)
President Prabowo Subianto presented a data processed from UN Comtrade to come up with a conclusion: Indonesia has long been robbed by its exporters, and, accordingly, shall be stopped with centralization of export through PT Danantara Sejahtera Indonesia (DSI). What if Prabowo’s team wrongly read and analyzed the data, which yet to be cross-checked and verified?
The ghosts behind Kalimantan’s bauxite permits
The arrest of businessman Sudianto alias Aseng, the beneficial owner of PT Quality Sukses Sejahtera (QSS), is not merely another mining corruption case. It exposes a deeper problem that Indonesia has never fully solved: the political economy of regional mining permits.
Resource curse & Global traders behind Danantara?
President Prabowo Subianto set a more ambitious economic growth target of up to 6.5% next year, which seems not surprising anymore given his campaign promise for 8% growth before entering 2029 election. The president spent most his almost two hours speech talking about the country’s natural resources wealth and how the State should control more in order to achieve the target.