Former Trade Minister Lutfi Says Some Deliberately Drop Nickel Prices

Former Trade Minister M Lutfi. (Photo: Doc. ANTARA)

JAKARTA - Former Indonesian Trade Minister for 2020-2022, Muhammad Lutfi said that there were several parties who deliberately wanted to drop the price of nickel.

With the interference of certain parties, this has caused the price of nickel to drop in the world.

The reason, he said, was that some traders did not like it if the industry was controlled by China.

"I have my own theory that there are people who don't like this price, traders who don't like this price being played by several industrial networks controlled by the industry whose names are Chinese people," Lutfi said in the event 'Blak-blakan about National Car D Polemic LFP VS Nickel', Monday 29 January.

With the game from several parties, it is said that Luthfi caused the price of nickel to decline on the London Metal Exchange.

One of the companies that was later caught in the situation was Tsingshan Holding Group, which is one of the nickel producers in the world.

"The Tsingshan is dead. Those in Hong Kong are forced to sell fast. I have my own theory, there are people who don't like being turned off on purpose, at the London Metal Exchange," added Lutfi.

However, Lutfi emphasized that he did not want to speculate regarding the matter, but did not rule out the possibility of someone deliberately playing the world nickel price.

"We don't want to speculate. Market is market but that there are big people who want to control this game, that's their own theory. But, never mind, we don't have to interfere," Lutfi continued.

For that, instead of speculating. Lutfi encourages domestic industries to be united in controlling supply, technology and understanding market demand so that they can compete and not cause nickel prices to decline.

Moreover, he said, nickel processing technology is still controlled by foreign parties, especially China.

"Today, we just have the supply. The technology and demand are still controlled by people," concluded Lutfi.