JAKARTA, Oct. 28 (Xinhua) -- Indonesia, the world's largest nickel producer, on Monday decided to immediately suspend nickel ore export, which is earlier than the schedule for the beginning of next year, the country's investment agency chief said.
Chairman of Indonesian Investment Coordinating Board Bahlil Lahadalia held a meeting with miners and reached an agreement to immediately end the shipment of the ores offshore.
"Formally, the stoppage of the export should be commenced on Jan. 1, 2020. But, starting from today (Monday) we agreed to end the export of (nickel) ores," said Lahadalia.
Lahadalia said that the decision was taken in an effort to boost downstream sector and provide added value to the country, citing that a 2,000 U.S. dollars added-value per ton of the ores could be made should the ores be processed further in the country.
The ores, Lahadalia said would be purchased by the country's businessmen who own smelters with prices at an international level, media reported.
Global nickel prices spiked as the Indonesian government recently decided to end shipment of nickel ores on Jan. 1, 2020 and the supply from Papua New Guinea declined.
Indonesia's nickel ore products accounts for 26 percent of the global nickel ore supply in 2018, according to the International Nickel Study Group.