Supply Chain: Upstream and Midstream

Latest Trends in the Nickel and Cobalt Industry Governments are intervening to help support the price and value of their national resource and industry

Congo DRC) banned Co exports in 2025 and will introduce an export quota system

Co prices have surged, the supply-demand balance is tighter, and stocks are at critical levels

Ni market remains in oversupply

Indonesian government is gradually tightening supply, mandating higher‐value products, requiring annual approvals, and scrutinising tailings management

p/CAM producers scrambling to secure long-term Co contracts with non-DRC-dependent suppliers (those with integrated Indonesian Ni-Co resources)

Ternary p/CAM production has rebounded, ending a multi-year stagnation in [battery] nickel consumption

The move to medium-nickel high-voltage NMC chemistries has dampened Ni and Co demand

LCO battery capacities becoming larger in new electronic devices, but offset by rising voltages

Integrated producers have ramped up sulphate-to-nickel cathode (non-battery) conversion, using surplus Ni supply that the battery industry cannot absorb

Rising national defence spending is boosting Co metal demand

Rising sulphuric acid costs putting pressure on Ni HPAL, but offset by stronger Co payables

Source: Content & analysis provided by CRU Group Distinguished Partner). For more information, visit crugroup.com

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