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Nickel Showdown: U.S. and Philippines vs. China

Daniel Kim Views  

Reuters Yonhap News

The United States and the Philippines are pushing for an alliance to prevent China’s monopoly in the nickel market, a crucial mineral.

Bloomberg reported on the 1st (local time) that the United States and the Philippines are discussing ways to counter China in the nickel refining sector, quoting an anonymous source. The source said, “One of the options both countries are currently considering is for the Philippines to provide the nickel ore, the US to provide the funds, and third countries such as Japan, South Korea, and Australia to provide refining and processing technology.” However, the discussions between the two countries are reportedly in the early stages, and specific details and schedules have not yet been confirmed.

Indonesia is the largest nickel ore producer, and China virtually monopolizes the refining and processing of nickel ore produced in Indonesia. Nickel is also a critical raw material for electric car batteries and an essential mineral for transitioning to green energy. Global nickel demand is expected to increase by about 33% to 4.4 million tons yearly by 2030, which aligns with the global transition to green energy. Bloomberg explained that the U.S. is taking measures to achieve its green transition, which the Biden administration is pursuing.

Daniel Kim
content@viewusglobal.com

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