Analysis-China, Indonesia face deeper output cuts to tackle nickel price slide

China and Indonesia are set to reduce nickel output by at least 100,000 metric tons this year as producers seek to limit losses following a slump in the price of the metal used in stainless steel manufacture and for EVs, traders and analysts said. Nickel prices had surged in 2022, peaking at a record above $100,000 after expectations of reduced supplies from major producer Russia following its invasion of Ukraine prompted the market to cut bets on lower prices. Now the metal is trading around $16,000 a ton after production rose in Indonesia, which last year accounted for more than half of global mined supplies, estimated at around 3.4 million metric tons.