We’ve seen correction of EV sales in some European countries, especially Germany and UK, following the end of incentive packages. Slowdown in Europe might have contributed to correction of nickel prices this year. But, China, the world’s second largest market after USA, is still showing a rapid rate of growth in electric vehicle (EV) adoption after China’s plug-in car sales increased to 704,000 units or 44% market share in April 2024 compared to 35% in the same period of last year.

The competition for the cement industry in Sumatra, the second largest market after Java Island, is becoming increasingly tougher with the entry of new players from China. PT Kobexindo Cement, a consortium of the Hongshi Holding Group from China, has reportedly signed a memorandum of understanding with the South Aceh Regency Government regarding the establishment of a new cement factory. This agreement was signed on May 18, 2024 in Jakarta.

World crude steel production for the 71 countries reporting to the World Steel Association was 155.7 Mt in April 2024, a 5 percent decrease compared to April 2023. China produced 85.9 Mt last month, a 7.2 percent decrease compared to the same period of last year.

First visit of elected president Prabowo Subianto to China has paved the way for construction of the Bandung-Surabaya high-speed train (HST). It is almost certain that China will secure the lucrative project, which will likely be implemented by Prabowo-Gibran administration.

Almost all big names of tire manufacturers have local manufacturing presence in Indonesia. It was a long period of a three-way competition between Goodyear, Bridgestone, and Gajah Tunggal. Some players might have left the country, but others keep coming to tap the growth opportunities. These opportunities drive Sailun Group, a Chinese tire manufacturer, to take the advantage to invest in the country.

After Apple CEO Tim Cook, the government of Indonesia is set to welcome Microsoft CEO Satay Nardella in the coming days. Humiliated by small investment commitment from Apple, ICT minister Budi Arie Setiadi, said Microsoft would commit more investment than the one expected from Apple. 

Joe Biden, who seeks a second term, has asked US authorities to triple taxes (import tariffs) on Chinese steel. This might have significant impact to Indonesian iron and steel industry, which grew fast in recent years thanks to immense investment from Chinese companies.

So, Tim Cook, CEO of Apple, met president Joko ‘Jokowi’ Widodo and president elect Prabowo Subianto in Jakarta Wednesday (Apr 17) with fresh ‘commitment’ to look at ‘possible’ manufacturing investment. While Indonesia is the largest market in Southeast Asia for Apple, the country is seen by the tech giant only as a market. Cook visited Vietnam first, where he committed more investments. 

Satellite internet provider under SpaceX owned by Elon Musk, Starlink has started to fulfill its operating permit in Indonesia. The company is set to run its network operations in May with the initial trial phase in Nusantara new capital city (IKN). Starlink, in addition, is partnering with local internet providers.

Domestic car sales, both wholesale and retail, experienced a decline in the first quarter (Q1) of 2024 compared to the same period last year. This cannot be separated from macroeconomic indicators that are not yet supportive.