India's state-owned NMDC has suspended plans to develop nickel mines, citing concerns about oversupply from Indonesia — which accounts for over 60% of global nickel output, two company officials said. Earlier reports said NMDC and the Steel Authority of India were exploring increased Russian nickel imports and purchases of coking-coal assets; India listed nickel as a critical mineral in 2023 and remains reliant on imports. A senior NMDC official said, "Given current oversupply in Indonesia, we h

India's state-owned NMDC has suspended plans to develop nickel mines, citing concerns about oversupply from Indonesia — which accounts for over 60% of global nickel output, two company officials said. Earlier reports said NMDC and the Steel Authority of India were exploring increased Russian nickel imports and purchases of coking-coal assets; India listed nickel as a critical mineral in 2023 and remains reliant on imports. A senior NMDC official said, "Given current oversupply in Indonesia, we have temporarily shelved our nickel mine investment plans." The official added NMDC has been unable to secure a meeting with Russia's Norilsk Nickel despite repeated outreach and said the company is interested in acquiring Russian nickel assets to secure supply, without specifying why it sought talks with Norilsk.