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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":832,"relatedVideos":833},112469998978639,"56f1117c-d3dc-49c5-9e00-f086ef484657","Struggling nickel miners press for alternative pricing mechanisms","struggling-nickel-miners-press-for-alternative-pricing-mechanisms","article/struggling-nickel-miners-press-for-alternative-pricing-mechanisms",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":808,"featured":51,"reporter":809,"_editable":813,"component":814,"seo_title":543,"categories":815,"visibility":821,"author_company":49,"data_vis_image":822,"featured_image":826,"seo_description":829,"author_full_name":49,"author_job_title":49,"formattedDate":830,"formattedArticleDate":831},"2ae79f1a-0d73-46d6-a79a-b7365543e846","2024-02-27 00:00",[550,553,556],{"slug":551,"name":552},"australia","Australia",{"slug":554,"name":555},"indonesia","Indonesia",{"slug":557,"name":558},"nickel-prices","Nickel prices",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"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":570,"content":571},"doc",[572,579,584,608,613,622,627,632,637,642,649,654,666,674,679,684,689,694,699,704,709,714,719,731,736,741,746,751,756,761,773,778,783,788,793,798],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"Embattled nickel miners are calling for alternative pricing mechanisms to support operations located in Western jurisdictions, as low nickel prices claim a growing list of casualties in Australia.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"Australian mining tycoon Andrew Forrest was amongst those in late-February to appeal to the London Metal Exchange (LME) to differentiate nickel depending on the sustainability credentials of the product. ",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587,589,597,599,606],{"text":588,"type":578},"Forrest’s Wyloo Metals is ",{"text":590,"type":578,"marks":591},"one of at least five nickel mines in Australia ",[592],{"type":593,"attrs":594},"link",{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/nickel-miners-struggle-amid-falling-prices-supply-glut","url",{"text":598,"type":578},"to have closed or curtailed production since the start of 2024. Benchmark’s ",{"text":600,"type":578,"marks":601},"MHP CIF Asia (Fixed Price) and EXW China nickel sulphate",[602],{"type":593,"attrs":603},{"href":604,"uuid":49,"anchor":49,"target":605,"linktype":596},"https://www.benchmarkminerals.com/nickel","_self",{"text":607,"type":578}," prices have fallen 38% and 33% respectively year-on-year.",{"type":573,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":578},"The downturn was sparked by a ramp-up of class I nickel capacity at Chinese-owned operations in Indonesia during the second half of 2023 that had bridged the previous gap between a balanced class I and an over-supplied class II nickel market. ",{"type":573,"attrs":614,"content":615},{"textAlign":49},[616],{"type":617,"attrs":618},"image",{"id":49,"alt":619,"src":620,"title":49,"source":49,"copyright":49,"meta_data":621},"Nickel prices fall under structural pressures","https://a.storyblok.com/f/287943243085208/ba11122426/bm-strugglers-nickel-miners-price-chart.png",{},{"type":573,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":578},"Several Chinese operators in Indonesia are now converting low-grade class II nickel into high-purity LME registered cathodes, taking advantage of the exchange’s newly introduced fast-track registration process to improve liquidity on its much-chastised nickel contract.",{"type":573,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":578},"In mid-February, the Australian government stepped in to support its domestic nickel industry by classifying nickel as a “critical mineral” to open up access to $2.7 billion of federal financing. The Western Australian government is adding further assistance by providing a 50% royalty rebate over an 18-month period when nickel prices fall below $20,000 per tonne.",{"type":573,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":578},"With BHP considering the closure of its Nickel West operation, it noted that nickel’s inclusion in the critical minerals list spoke “to the speed of the deterioration in industry conditions.” An updated list of critical minerals was released only in December 2023.",{"type":573,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":578},"Although the mining giant welcomed nickel’s inclusion, it suggested the support would prove toothless without fundamental changes to global nickel pricing mechanisms.",{"type":643,"attrs":644,"content":646},"heading",{"level":645,"textAlign":49},4,[647],{"text":648,"type":578},"Bifurcation key to reviving Western competitiveness ",{"type":573,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":578},"Within the market’s current guise, Western miners are facing a prolonged period of pain despite bullish medium-to-long term demand projections. ",{"type":573,"attrs":655,"content":656},{"textAlign":49},[657,659,664],{"text":658,"type":578},"Chinese-owned operations in Indonesia have ramped up new supply at an unprecedented speed. ",{"text":660,"type":578,"marks":661},"Benchmark’s Nickel Forecast",[662],{"type":593,"attrs":663},{"href":604,"uuid":49,"anchor":49,"target":605,"linktype":596},{"text":665,"type":578}," shows that Indonesia’s nickel supply increased from 384,000 tonnes in 2019 to 1.7 million tonnes in 2023. This figure is forecast to rise to over 4 million tonnes by 2030.",{"type":573,"attrs":667,"content":668},{"textAlign":49},[669],{"type":617,"attrs":670},{"id":49,"alt":671,"src":672,"title":49,"source":49,"copyright":49,"meta_data":673},"Indonesia dwarfs Australia as the world's largest nickel producers","https://a.storyblok.com/f/287943243085208/b9a97cabda/bm-struggling-nickel-miners-indo-vs-aus.png",{},{"type":573,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":578},"This glut of new Indonesian supply is set to sustain a structural surplus until 2028 – even as battery demand grows at a compound growth rate of 18.9% until the end of the decade. ",{"type":573,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":578},"The bridging of class I and class II nickel supply has eroded the cost-competitiveness of established class I nickel producers almost overnight.",{"type":573,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":578},"“Currently its a bleak outlook for Western producers. Without a price premium they will remain uncompetitive to Indonesia during a prolonged period of low prices,” said Jorge Uzcategui, nickel analyst at Benchmark. ",{"type":573,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":578},"Chinese companies in Indonesia also operate under different parameters to their more commercially minded Western counterparts, undercutting higher-cost producers that adopt more sustainable practices.",{"type":573,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":578},"BHP has been highly critical of the LME and its decision to qualify Chinese material of Indonesian origin. The company is a leading voice calling for a bifurcation of nickel prices to safeguard the long-term competitiveness of the nickel industry in Australia.",{"type":573,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":578},"It follows that nickel prices should be differentiated between units produced by processes with higher standards of sustainability and those that score lower in environmental and social governance indexes. ",{"type":573,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":578},"How a possible bifurcation could evolve remains up for interpretation. But suggestions include commercial premia/discounts to ensure profitability during low-price cycles and tighter sustainability standards for LME qualification.",{"type":573,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":578},"Policy is another lever. Stricter sourcing requirements for subsidy qualification under the flagship US Inflation Reduction Act could help to rebalance the playing field. ",{"type":643,"attrs":715,"content":716},{"level":645,"textAlign":49},[717],{"text":718,"type":578},"Environmental standards in Indonesia are looser than in the West",{"type":573,"attrs":720,"content":721},{"textAlign":49},[722,724,729],{"text":723,"type":578},"Whilst not all Indonesian nickel can be classified as ‘unsustainable,’ ",{"text":725,"type":578,"marks":726},"Benchmark’s Nickel ESG Carbon Intensity Curves",[727],{"type":593,"attrs":728},{"href":604,"uuid":49,"anchor":49,"target":605,"linktype":596},{"text":730,"type":578}," demonstrate that nickel produced via the rotary kiln electric furnace (RKEF) process, accounting for 75% of Indonesian output in 2023,is up to six times more carbon intensive than BHP’s Nickel West project in Western Australia. ",{"type":573,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":578},"Over 60% of Indonesia’s electricity generation relies on coal-fired power plants and the conversion of class II nickel (via RKEF) into a LME registered product is by far the most energy-intensive route for class I nickel production. ",{"type":573,"attrs":737,"content":738},{"textAlign":49},[739],{"text":740,"type":578},"And this is before other environmental and social factors such as deforestation, biodiversity loss, water pollution, and labour rights are considered. A fire at a nickel smelter at Tsingshan’s Morowali Industrial Park in December, which killed 13 workers and injured a further 46, highlights some of these underlying risks.",{"type":573,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":578},"“Ultimately, the environmental and social footprint of the majority of Indonesian nickel mining wouldn’t be accepted in other regions,” Uzcategui said.",{"type":643,"attrs":747,"content":748},{"level":645,"textAlign":49},[749],{"text":750,"type":578},"Benchmark to launch first of its kind sustainable nickel sulphate pricing",{"type":573,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":578},"Benchmark will launch a Sustainable Nickel Sulphate, CIF Asia, price in March, in response to growing demand from the lithium ion battery supply chain for pricing which takes into account the sustainability credentials of the products under assessment.",{"type":573,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":578},"The new price will be assessed by Benchmark using primary data collected directly from active market participants and will only consider transactions for material that originates from Industry Leading producers, according to the Benchmark’s Nickel Sustainability Index.",{"type":573,"attrs":762,"content":763},{"textAlign":49},[764,766,771],{"text":765,"type":578},"Benchmark’s Nickel Sustainability Index is published quarterly in the ",{"text":767,"type":578,"marks":768},"Benchmark Nickel ESG Report",[769],{"type":593,"attrs":770},{"href":604,"uuid":49,"anchor":49,"target":605,"linktype":596},{"text":772,"type":578},", and currently measures 79 indicators categorised under environmental, social and governance components to form a composite score.",{"type":573,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":578},"Producers who score above 70, are deemed “Industry Leading” by Benchmark.",{"type":573,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":578},"As with all other nickel grades under assessment, transactional price data is collected directly from active buyers and sellers in the market. Benchmark will only use price data for material traded on a spot basis and will publish the Sustainable Nickel Sulphate price on a fortnightly basis.",{"type":573,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":578},"A prolonged period of weak prices across all nickel products has incentivised Industry Leading producers to market the sustainability of their product and the transparency of their practices. Moreover, a desire from OEM procurement teams to meet company ESG requirements has demonstrated downstream desire for such prices. ",{"type":573,"attrs":789,"content":790},{"textAlign":49},[791],{"text":792,"type":578},"“It is natural that right now, with nickel values across all grades being so weak, miners are seeking to differentiate from their competition by focusing on their sustainability credentials. However, this is not a transient dynamic,” said Daniel Fletcher-Manuel, Director of Prices & Data at Benchmark.",{"type":573,"attrs":794,"content":795},{"textAlign":49},[796],{"text":797,"type":578},"“There is a real interest among OEMs in demonstrating to their customers and shareholders that sustainability is a critical part of their procurement strategy. Benchmark’s first of its kind Sustainable Nickel Sulphate price enables the supply chain to index to a price which considers sustainability objectively,” he added.",{"type":573,"attrs":799,"content":800},{"textAlign":49},[801,806],{"text":802,"type":578,"marks":803},"To speak to our nickel experts and learn more about Benchmark’s Nickel Price Assessment, advisory services and market-leading prices coverage, please provide your details here and our team will be in touch",[804],{"type":805},"italic",{"text":807,"type":578},".","Embattled nickel miners are calling for alternative pricing mechanisms to support operations located in Western jurisdictions, as low nickel prices claim a growing list of casualties in Australia. Australian mining tycoon Andrew Forrest was amongst those in late-February to appeal to the London Metal Exchange (LME) to differentiate nickel depending on the sustainability credentials of […]",[810],{"slug":561,"name":562,"content":811},{"job_title":564,"image":812,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2ae79f1a-0d73-46d6-a79a-b7365543e846\", \"id\": \"\"}-->","article",[816,819],{"slug":817,"name":818},"critical-minerals","Critical Minerals",{"slug":820,"name":150},"nickel","public",{"id":49,"alt":49,"name":823,"focus":49,"title":49,"source":49,"filename":823,"copyright":49,"fieldtype":824,"meta_data":825},"","asset",{},{"id":49,"alt":823,"name":823,"focus":823,"title":823,"source":823,"filename":827,"copyright":823,"fieldtype":824,"meta_data":828,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/541272b292/bm-glencore-refined-nickel-at-the-nikkelverk-refinery-norway1.jpg",{"alt":823,"title":823,"source":823,"copyright":823},"Embattled nickel miners are calling for alternative pricing mechanisms to support operations located in Western jurisdictions, as low nickel prices claim a growing list of casualties in Australia. 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