Historically, global nickel prices have been characterised by long, steady periods of constrained movement, followed by a sharp price spike, as circumstances have conspired to force a global supply demand imbalance, a strong outlook and a positive sentiment. More recently, the nickel sector has seen structural change driven by the emergence and consolidation of nickel pig iron (NPI) production, first in China, then in Indonesia, followed by the establishment of stainless steel (SS) production facilities in Indonesia to take advantage of NPI production.
The emergence of EVs and other technologies with a strong link to batteries have seen the fortunes of the nickel sector shift again, with the outlook for nickel consumption in batteries set to grow significantly over the next five to ten years.
CM has been active in the global nickel sector for almost 15 years, having pioneered early investigations into the emergence of NPI technology in China and its growth trajectory both inside and outside of China. CM conducts regular field studies to Indonesia, China and the Philippines to keep a close watch on developments and keep its industry analysis fresh and relevant.