SINGAPORE/JAKARTA -- Stocks in nickel-producing companies plunged in Asian markets Friday after Jakarta announced it would ease an export ban on nickel ore, as investors anticipated a price drop from the increased supply.
Indonesia's energy and mineral resource ministry announced Thursday it would allow exports of nickel ore -- used in stainless steel -- and bauxite for five years under certain conditions. Low-grade ore, defined as below 1.7% nickel, can be exported as long as a certain portion is smelted at home.
