Supply Chain & Raw Materials

Latest Trends In The Nickel Industry Investments in Indonesian supply continue, but Western-backed projects in the country are being cancelled

Indonesia is enacting curtailment policies to mitigate oversupply and protect higher-grade operations

Project curtailments, especially in Australia, have brought ex.Indonesia supply to its lowest level in years

Leading battery manufacturers gain influence over nickel & cobalt payables as they accelerate vertical integration

Sluggish nickel demand in batteries has pushed pCAM and NiS producers to move into (non-battery) metal refining

Non-integrated nickel sulphate and pCAM producers are struggling to be profitable

Nickel consumption in pCAM has been stagnant for 3 years

Stainless steel remains by far the largest demand driver for nickel

Battery- and auto-makers now moving away from high-nickel chemistries towards high-voltage medium-nickel

Nickel intensity in batteries is decreasing, requiring less material per kWh over time

China leads refining, but pCAM is expanding overseas, precipitating a shift in regional nickel demand

Nickel sulphate capacity expansions are slowing in China but accelerating in Indonesia and South Korea

Source: Content & analysis provided courtesy of CRU Group Distinguished Partner). For more information, visit https://www.crugroup.com.

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