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week","Cobalt",244.61,252.61,-3.17,3.99,97.72,[122,123,124,127,129,132,133,136,138,141,143,146],{"date":19,"value":116},{"date":25,"value":117},{"date":125,"value":126},"2026-03-25",252.45,{"date":28,"value":128},252.84,{"date":130,"value":131},"2026-03-11",253.48,{"date":31,"value":126},{"date":134,"value":135},"2026-02-25",256.64,{"date":34,"value":137},255.58,{"date":139,"value":140},"2026-02-11",253.31,{"date":37,"value":142},252.26,{"date":144,"value":145},"2026-01-28",241.15,{"date":40,"value":145},"/cobalt/prices",{"publishedDate":149,"updateFrequency":6,"updateFrequencyText":7,"label":150,"today":151,"last":152,"percentageChange":153,"yearToDate":154,"yearOnYear":155,"oneYearIndexTrend":156,"url":185,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-20","Nickel",135.83,133.05,2.09,12.5,30.68,[157,158,160,163,166,168,170,172,174,176,179,182],{"date":149,"value":151},{"date":159,"value":152},"2026-05-06",{"date":161,"value":162},"2026-04-22",125.43,{"date":164,"value":165},"2026-04-08",124.51,{"date":125,"value":167},123.94,{"date":130,"value":169},123.51,{"date":134,"value":171},122.7,{"date":139,"value":173},123.79,{"date":144,"value":175},128.07,{"date":177,"value":178},"2026-01-14",120.74,{"date":180,"value":181},"2025-12-31",104.29,{"date":183,"value":184},"2025-12-17",103.44,"/nickel/prices",{"publishedDate":187,"updateFrequency":188,"updateFrequencyText":188,"label":189,"today":190,"last":191,"percentageChange":192,"yearToDate":193,"yearOnYear":194,"oneYearIndexTrend":195,"url":227,"subscription":49,"isProtected":50,"hasAccess":51},"2026-04-30","monthly","Natural 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ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[337,338,340,343,346,349,352,355,358,361,364,367],{"date":329,"value":331},{"date":339,"value":332},"2025-02-28",{"date":341,"value":342},"2025-01-31",71.45,{"date":344,"value":345},"2024-12-31",75.74,{"date":347,"value":348},"2024-11-29",76.98,{"date":350,"value":351},"2024-10-31",77.34,{"date":353,"value":354},"2024-09-30",77.43,{"date":356,"value":357},"2024-08-30",80.56,{"date":359,"value":360},"2024-07-31",82.99,{"date":362,"value":363},"2024-06-28",87.2,{"date":365,"value":366},"2024-05-31",90.7,{"date":368,"value":369},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":372,"updateFrequency":6,"updateFrequencyText":7,"label":373,"today":374,"last":375,"percentageChange":376,"yearToDate":377,"yearOnYear":378,"oneYearIndexTrend":379,"url":411,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-21","Black Mass",54.15,51.47,5.21,25.5,92.33,[380,381,383,386,389,392,395,398,401,404,406,408],{"date":372,"value":374},{"date":382,"value":375},"2026-05-07",{"date":384,"value":385},"2026-04-23",48.63,{"date":387,"value":388},"2026-04-09",48.6,{"date":390,"value":391},"2026-03-26",47.29,{"date":393,"value":394},"2026-03-12",46.18,{"date":396,"value":397},"2026-02-26",45.8,{"date":399,"value":400},"2026-02-12",47.34,{"date":402,"value":403},"2026-01-29",49.57,{"date":297,"value":405},43.15,{"date":180,"value":407},47.05,{"date":409,"value":410},"2025-12-18",41.51,"/recycling/black-mass-prices",{"publishedDate":413,"updateFrequency":188,"updateFrequencyText":188,"label":414,"today":415,"last":416,"percentageChange":417,"yearToDate":418,"yearOnYear":419,"oneYearIndexTrend":420,"url":449,"subscription":49,"isProtected":50,"hasAccess":51},"2026-03-19","Rare Earths",172.27,182.38,-5.54,20.73,54.49,[421,422,424,427,430,432,435,437,440,443,445,447],{"date":413,"value":415},{"date":423,"value":416},"2026-03-05",{"date":425,"value":426},"2026-02-19",179.86,{"date":428,"value":429},"2026-02-05",155.4,{"date":431,"value":429},"2026-01-22",{"date":433,"value":434},"2026-01-08",145.37,{"date":46,"value":436},142.69,{"date":438,"value":439},"2025-12-11",141.67,{"date":441,"value":442},"2025-11-27",136.29,{"date":211,"value":444},132.15,{"date":213,"value":446},139.82,{"date":216,"value":448},145.27,"/rare-earths/prices",{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":451,"today":452,"last":453,"percentageChange":454,"yearToDate":455,"yearOnYear":456,"oneYearIndexTrend":457,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",111.93,124.92,-10.4,-2.67,-3.42,[458,459,460,462,464,466,469,471,473,475,477,479],{"date":213,"value":452},{"date":216,"value":453},{"date":219,"value":461},109.9,{"date":222,"value":463},100.47,{"date":225,"value":465},103.62,{"date":467,"value":468},"2025-04-30",109.47,{"date":329,"value":470},115.87,{"date":339,"value":472},117.3,{"date":341,"value":474},114.57,{"date":344,"value":476},115,{"date":347,"value":478},117.82,{"date":350,"value":480},111.9,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":482,"today":483,"last":484,"percentageChange":485,"yearToDate":486,"yearOnYear":487,"oneYearIndexTrend":488,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":648,"relatedVideos":649},112398782497418,"1130ccc7-20b9-4b0d-b12c-36f5259202eb","Nickel prices Q3 2025 review: China restocking lifts sulphate and MHP as LME oversupply persists","nickel-prices-q3-2025-review-china-restocking-lifts-sulphate-and-mhp-as-lme-oversupply-persists","article/nickel-prices-q3-2025-review-china-restocking-lifts-sulphate-and-mhp-as-lme-oversupply-persists",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":628,"featured":50,"reporter":629,"_editable":633,"component":634,"seo_title":543,"categories":635,"visibility":641,"author_company":49,"featured_image":642,"seo_description":628,"author_full_name":49,"author_job_title":49,"formattedDate":646,"formattedArticleDate":647},"a9c0d773-1f5f-4111-8666-27856f007e03","2025-09-30 00:00",[550,553],{"slug":551,"name":552},"indonesia","Indonesia",{"slug":554,"name":555},"nickel-prices","Nickel prices",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,581,586,591,603,608,613,618,623],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Nickel prices spent much of Q3 2025 trading at five-year lows even as intermediates surged, highlighting the deepening split between China-led chemical demand and a structurally oversupplied global metal market.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"Nickel sulphate EXW China climbed 7% across the quarter to RMB 27,800–28,020/t ($3,920–3951/t), its highest since March. Precursor and cathode producers rebuilt inventories in August and September, supporting demand for nickel-rich NCM chemistries ahead of Golden Week. Domestic consumption was also lifted by stronger EV output, with new model launches, including Huawei’s AITO, bolstering NCM demand despite LFP dominance.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"By contrast, sulphate CIF Asia exports remained flat across Q3 at $3,575/t ($1,150/t Ni premium to the LME). Normalised sulphate values slipped back to $16,249/t Ni by end-September amid thin spot liquidity in Japan and Korea, where refiners remain squeezed by elevated feedstock costs and muted downstream orders.",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"Nickel MHP CIF Asia rose steadily through Q3, closing at $13,172/t with payables reaching 87.25% of LME – their highest level since 2022’s short squeeze. Tight spot supply from Indonesia’s HPAL operations, most of which remains locked into captive flows, coupled with restocking by Chinese refiners, kept pressure on payables at multi-year highs. The aggregate MHP CIF Asia index increased 5% across the quarter to $6,639/t.",{"type":592,"attrs":593},"blok",{"id":594,"body":595},"ed1015f8-9e6d-4274-b5ed-dfdbb4a95d28",[596],{"id":597,"_uid":598,"type":599,"_editable":600,"component":601,"fixed_height":602,"use_fixed_height":50,"fixed_height_mobile":602,"fixed_height_tablet":602},"25392827","i-a8687edb-173d-4707-a236-cbfc3701f61f","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8687edb-173d-4707-a236-cbfc3701f61f\", \"id\": \"\"}-->","ContentFlourish","",{"type":570,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":575},"LME nickel lingered near depressed levels throughout Q3, dipping to $14,200/t in August – the lowest since October 2020 – before recovering to $15,200–15,500/t in late September as funds took long positions. Rising inventories approaching 300,000t and weak stainless steel demand capped gains, despite speculative sentiment that prices may have found a floor at $14–15k/t given over 20% of supply is loss-making at these levels.",{"type":570,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":575},"Q3 was defined by policy-driven volatility from Indonesia. Royalty hikes, crackdowns on illegal mining, reports of flooding-related supply issues and, most recently in September, the government’s partial seizure of a Tsingshan mine all provided short-lived risk premiums.",{"type":570,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":575},"Meanwhile, Western miners continued to retreat: South32 exited Cerro Matoso, BHP pulled back from Kabanga, and Norway’s sovereign wealth fund excluded Eramet from its portfolio on ESG grounds. Concentration of supply in Indonesia and China strengthened, just as state-backed investors such as INA increased their commitments to downstream HPAL and sulphate capacity.",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575},"Downstream, CATL raised its 2026 output forecast +30% to 1,300 GWh, reinforcing long-term battery demand projections, though its chemistry split (LFP vs NCM) remains unspecified. China also announced a new two-year auto plan to support EV adoption, again positive for lithium demand but skewed toward LFP over nickel.",{"type":570,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":575},"In summary, Q3 2025 marked a China-driven rally in chemicals and intermediates within a structurally bearish global market. Nickel sulphate EXW China and MHP payables climbed steadily, but LME nickel and ex-China sulphate demand remained weighed down by oversupply and weak market fundamentals.","Nickel prices spent much of Q3 2025 trading at five‑year lows even as intermediates surged, highlighting the deepening split between China‑led chemical demand and a structurally oversupplied global metal market. Nickel sulphate EXW China climbed 7% across the quarter to RMB 27,800–28,020/t ($3,920–3951/t), its highest since March. Precursor and cathode producers rebuilt inventories in August and […]",[630],{"slug":558,"name":559,"content":631},{"job_title":561,"image":632,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a9c0d773-1f5f-4111-8666-27856f007e03\", \"id\": \"\"}-->","article",[636,639],{"slug":637,"name":638},"critical-minerals","Critical Minerals",{"slug":640,"name":150},"nickel","private",{"id":49,"alt":602,"name":602,"focus":602,"title":602,"source":602,"filename":643,"copyright":602,"fieldtype":644,"meta_data":645,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aa78691cce/bm-shutterstock-1754009414.jpg","asset",{"alt":602,"title":602,"source":602,"copyright":602},"Sep 30, 2025","30th September 2025",[],[],1783682657188]