Prices of nickel ore in top global producer Indonesia have surged about 10% in recent weeks, say local buyers, after an investigation into mining quotas disrupted production of the metal used in stainless steel and batteries.

MMC Norilsk Nickel PJSC has established an office in Dubai, becoming the largest Russian metals and mining firm to set up in the United Arab Emirates following the Kremlin’s war in Ukraine.

Major Chinese nickel maker Tsingshan Group has started commercial production of refined nickel in Indonesia, three sources familiar with the production told Reuters on Monday.

The global nickel market had a surplus of 27,400 metric tons in June, compared with a surplus of 16,200 tons in the same month last year, data from the International Nickel Study Group (INSG) showed on Monday.

A consortium of Ford Motor Co and South Korean companies on Thursday said they would build a C$1.2 billion ($887 million)plant to produce electric vehicle (EVs) battery materials in Becancour, Quebec, a town seeking to become an EV-supply-chain hub, Canada’s ...

The transaction was expected to close by the first quarter of 2024.

“The demand for that type of steel is going to far outpace the supply of that material,” he added.

Investment fund Engine No. 1, known for its battle with Exxon Mobil Corp. and recently taking a surprise stake in Vale SA’s base metals business, is eying more deals in critical minerals.