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is the nickel sulphate market evolving?","how-is-the-nickel-sulphate-market-evolving","article/how-is-the-nickel-sulphate-market-evolving",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":670,"featured":51,"reporter":671,"_editable":675,"component":676,"seo_title":553,"categories":677,"visibility":683,"author_company":49,"featured_image":684,"seo_description":670,"author_full_name":49,"author_job_title":49,"formattedDate":688,"formattedArticleDate":689},"66e132bd-16a4-4521-9517-31c270887eb7","2025-01-20 00:00",[560],{"slug":561,"name":562},"indonesia","Indonesia",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,583,595,600,605,612,617,622,630,635,640,645,650,655,660,665],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"The nickel sulphate market has undergone profound structural changes in recent years; underpinned by the rapid proliferation of Indonesia’s next-generation high-pressure acid leach (HPAL) plants and a China-led convergence of the nickel market’s traditional class I and class II segments.","text",{"type":584,"attrs":585},"blok",{"id":586,"body":587},"4cfcb6fc-aa6a-42b3-b8f6-a8a8c88e5ada",[588],{"id":589,"_uid":590,"type":591,"_editable":592,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"21163819","i-31a834b6-b1ff-4da3-ab7c-6255fe0f5c75","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-31a834b6-b1ff-4da3-ab7c-6255fe0f5c75\", \"id\": \"\"}-->","ContentFlourish","",{"type":577,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":582},"Today, Benchmark data reveals that nearly three-quarters of global nickel sulphate production is vertically integrated at the upstream level, while two-thirds is directly integrated into battery precursor (pCAM) production.",{"type":577,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":582},"This trend favouring vertically integrated supply chains is set to continue as Indonesia pursues its ‘downstreaming’ policy aimed at fostering a domestic end-to-end electric vehicle ecosystem.",{"type":606,"attrs":607,"content":609},"heading",{"level":608,"textAlign":49},4,[610],{"text":611,"type":582},"Limited spot availability outside of China",{"type":577,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":582},"Benchmark analysis suggests that just 15,000 tonnes of nickel sulphate (nickel contained) will be available on the spot market from suppliers outside China in 2025: equivalent to 2% of global supply. ",{"type":577,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":582},"Last year BHP mothballed the Nickel West complex in Western Australia, removing key ex-China nickel sulphate units from the market until at least 2027.",{"type":584,"attrs":623},{"id":624,"body":625},"c874519b-1863-487f-aa6b-d2b475e2d9bf",[626],{"id":627,"_uid":628,"type":591,"_editable":629,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"21164490","i-b66ab068-cd53-4940-ab0d-af0ab3d8a256","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b66ab068-cd53-4940-ab0d-af0ab3d8a256\", \"id\": \"\"}-->",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"Meanwhile, global nickel sulphate production is projected to rise by 15% to 756,000 tonnes (nickel contained) this year, on the back of the ongoing ramp-up of new capacity across China and Indonesia. ",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"Of this, 96,000 tonnes is estimated to be available on a spot basis outside of contractual agreements – but concentrated in China, by far the most liquid spot market for the battery chemical.",{"type":606,"attrs":641,"content":642},{"level":608,"textAlign":49},[643],{"text":644,"type":582},"How are contracts evolving?",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":582},"The nickel market is currently well-supplied and prices remain low, with nickel sulphate buyers confident they can meet their material needs through existing contracts in 2025, Benchmark understands. Optional tonnage clauses in these contracts may also provide flexibility if required.",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":582},"“Currently, the need for ‘hand-to-mouth’ procurement is minimal,” said Daniel Fletcher-Manuel, director of prices at Benchmark. “Exploratory transactions may occur during slow trade periods as buyers test sellers’ price discipline and squeeze the nickel sulphate premium over the LME price. But most of 2025’s new production is already covered by 6-12 month supply contracts, with only fringe volumes allocated to the spot market.” ",{"type":577,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":582},"Benchmark analysts note that Western market participants continue to base nickel sulphate supply contracts on the London Metal Exchange (LME) nickel contract, despite frustrations over increasing Chinese and Indonesian-origin material in LME warehouses. ",{"type":577,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":582},"Conversely, many Asian buyers reference Chinese nickel chemical prices – by far the most liquid spot market – in their CIF Asia contracts.",{"type":577,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":582},"“The industry has for some time sought an alternative hedging solution to the LME but has struggled to create a workable option for an ex-China procurement-hedging ecosystem,” Fletcher-Manuel added. ","The nickel sulphate market has undergone profound structural changes in recent years; underpinned by the rapid proliferation of Indonesia’s next-generation high-pressure acid leach (HPAL) plants and a China-led convergence of the nickel market’s traditional class I and class II segments. Today, Benchmark data reveals that nearly three-quarters of global nickel sulphate production is vertically integrated […]",[672],{"slug":565,"name":566,"content":673},{"job_title":568,"image":674,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"66e132bd-16a4-4521-9517-31c270887eb7\", \"id\": \"\"}-->","article",[678,681],{"slug":679,"name":680},"critical-minerals","Critical Minerals",{"slug":682,"name":151},"nickel","private",{"id":49,"alt":594,"name":594,"focus":594,"title":594,"source":594,"filename":685,"copyright":594,"fieldtype":686,"meta_data":687,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6f93deea6d/bm-trade-picture1.jpg","asset",{"alt":594,"title":594,"source":594,"copyright":594},"Jan 20, 2025","20th January 2025",[],[],1789982569545]