The headline should explain why market controls are foolish.
Nickle price bottomed at $13,350 per tonne.
In response, Indonesia halted exports.
Prices have now hit $14,190 per tonne.
A gain of $840 per tonne.
The problem is, everyone BUT Indonesia has managed to profit from this.
In 2011, Indonesia produced 294,000 tonnes of nickel
805 tonnes per day
Even at the lower price, the ban costs Indonesia $10,753,150.68 PER DAY
The ban is however boosting the Russian Economy to the tune of $621,369.86 per day, I'm sure Vlad is enjoying his little windfall.
Indonesia wants to create a Nickle refining industry, one can only speculate, but I do not believe holding nickle hostage will be an effective strategy for encouraging investment.