Nickel moved little around US$15,200 per ton despite news about Indonesian government’s plan to give incentives to nickel-based EVs. While Indonesia is the largest auto market in Southeast Asia, the controversial proposal will do little to take back nickel to its record highs. 

Newcastle thermal coal retreated to US$111.8 per ton this week on low demand, strong supply of renewable energy, and higher output in the world’s largest producer and consumer of the commodity: China. Indonesian coal miners will likely see margins squeezed further in the second half.

Anhui KEDA Clean Energy Co Ltd has recently commenced the construction of phase II of the coal-to-gas project for alumina refinery of PT Borneo Alumindo Prima, a subsidiary of China’s Hangzhou Jinjiang Group. Back in January, Anhui KEDA Clean Energy signed an EPC contract for phase II of the coal-to-gas project with Hangzhou Jinjiang Group.  

PT Bhakti Alam Indonesia Timur (BAIT) has officially begun construction of a manganese concentrate factory with US$2 million of investment in Kupang, East Nusa Tenggara province. The groundbreaking ceremony finally took place despite initial rejection since 2012.

Medco Energi (MEDC), one of the largest oil and gas players in the country, spent US$220 million of its cash for new investments in the first half of 2025, down slightly from US$242 million in the corresponding period of 2024. 

Nuclear power firm ThorCon International Pte Ltd is the closest among nuclear energy firms to start construction of Indonesia’s first nuclear power plant. ThorCon has officially received approval for the Kelasa site evaluation plant and the site evaluation management system plan from nuclear regulator, BAPETEN. 

What a waste. Freeport McMoRan, co-owner of PT Freeport Indonesia, recorded average gold price off US$3,260 per troy ounce in the first half of 2025, jumped by 46% from the corresponding period of 2024, thanks to global economic uncertainties stemmed from Trump administration’s tariff policies.

Newcastle thermal coal ended at US$114.9 per ton last Friday (Aug 1). The commodity gained 24% from its recent low in late April, but still losing 20.3% year-on-year due to a combination of high supply in seaborne market and demand correction in key importing countries like China and India. 

The devil is indeed in the detail. It looked straightforward when Indonesian government announced its concessions to the Trump administration, including importing more oil and gas products to reduce the trade deficit. Turned out that the country should invest US$8 billion to build modular refineries, which will process the projected crude oil import. 

Indonesia officially has tens of CCS/CCUS projects, but only two projects that can be considered entering advanced development stage. More companies pledged to speed up the projects amidst growing interest from global private equity firms.