Critical Minerals and Energy Intelligence

Nickel Market Highlights for Q3

Here’s the next in my quarterly top news highlights, this time on the nickel sector.

Vale Projects 44% Jump in Global Nickel Demand by 2030: Brazil’s Vale caught a lot of attention last month with its updated forecast: global nickel demand could rise by 44% by the end of the decade.
Indonesia Floats Nickel Export Tax: President Joko Widodo confirmed his government is weighing a tax on nickel exports—particularly nickel pig iron and ferronickel.
Tesla Seals New Nickel Supply Deal with Prony Resources: In a bid to secure more Class 1 nickel, Tesla inked a multi-year supply agreement with Prony Resources in New Caledonia.
Vale Indonesia and Huayou Cobalt to Build New HPAL Plant: PT Vale Indonesia signed a $1.8 billion deal with China’s Huayou Cobalt to build a high-pressure acid leach (HPAL) facility in Sorowako.
LME Nickel Still Under Fire After March Chaos: Fallout from the March nickel squeeze continued to ripple through Q3. The London Metal Exchange faced lawsuits and calls for reform after its controversial trading halt. Trust in the LME nickel benchmark remains shaky, and liquidity has yet to recover fully.
BHP Eyes More Battery Nickel from Western Australia: Mining giant BHP said it’s looking to expand its nickel business in Western Australia, including potential new exploration and downstream investment. The company has signed multiple supply deals with automakers, including Tesla and Toyota, and sees battery-grade nickel as a long-term growth engine.
China’s Nickel Giants Tighten Grip on Global Supply: Tsingshan and other Chinese players continued consolidating control over nickel processing, especially in Indonesia.
Nickel Prices Settle, But Supply Tightness Looms: After the March madness, nickel prices cooled in Q3 but remained elevated. Inventory levels on exchanges stayed low, and analysts warned that any major disruption could tighten supply again fast.
New Caledonia’s Nickel Sector Sees Turbulence: Political and economic uncertainty returned to New Caledonia, where several nickel operations are under pressure.

Anthony Milewski

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