The global nickel market flipped from deficit to surplus over the course of 2022, according to the International Nickel Study Group. mining battery
Indonesian nickel boom
Indonesia’s smelters are churning out nickel in a widening array of forms as operators experiment with converting the country’s low-grade ore into a chemistry that can be used by EV battery makers. The flow of Indonesian NPI to China continues to mushroom, up another 72% last year at 5.4 million tonnes.
However, as Indonesian production of Class II nickel rises, the Class I market shrinks. Around 70% of the physical nickel supply chain is now priced at a discount to the LME benchmark. However, the LME has struggled in the past to design a Class II contract due to the lack of a standard physical benchmark around which to build a viable product.
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