Nickel is having a bad week as China’s power crisis spreads from factories to households and its clampdown on steelmakers crimps the stainless market, still responsible for the bulk of demand.
Despite automakers’ clamour, less than 10% of nickel ends up in the battery supply chain, and market action is concentrated in Asia, specifically the Indonesia-China stainless steel industries. Nickel market watchers are not unaccustomed to ups and downs and Old Nick’s copper is having quite the year.
At 2021’s outset it looked destined for a new range above $20,000 only for Tsingshan to pull the matte from under bulls with an announcement carefully designed to greenwash the industry it created and keep nickel-pig-iron producers at the trough.
The Chinese company has been eating high on the hog despite its not-actually-that- new NPI-to-matte-to-sulphate process being proven to have emissions per tonne worthy of a swine factory farm.
For the rest of this article: https://www.mining.com/jakarta-to-jolt-sliding-nickel-price/