I believe the $550 Billion figure stated for new Indonesian smelters is the sum of all the applications to build such facilities.
On the other hand, the ban on exports of raw mineral ores could effect the supply of nickel, but wonder where those raw ores were finally concentrated.
It'll take time to build the new smelting facilities for the various Indonesian metals, including nickel. This could give international nickel miners an open door to sell their concentrates to smelters no longer receiving Indonesia's raw nickel ores, but wonder who pays to transport the raw ore and its concentration before smelting. From what I understand concentrate could be 10% to 20% by weight of the raw ore tonnage so transport could be very high..