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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":720,"relatedVideos":721},112473496684636,"49c62897-a5c0-488b-a99b-e47da6098f73","What does Tsingshan’s nickel matte deal mean for lithium ion and the nickel industry?","what-does-tsingshans-nickel-matte-deal-mean-for-lithium-ion-and-the-nickel-industry","article/what-does-tsingshans-nickel-matte-deal-mean-for-lithium-ion-and-the-nickel-industry",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":699,"featured":50,"reporter":700,"_editable":704,"component":705,"seo_title":543,"categories":706,"visibility":712,"author_company":49,"featured_image":713,"seo_description":699,"author_full_name":49,"author_job_title":49,"formattedDate":718,"formattedArticleDate":719},"7303ad46-67f2-4fa7-94ca-2687e4364262","2021-03-10 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"tsingshan","Tsingshan",[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",[569,576,581,586,591,596,603,610,615,620,625,630,635,640,645,650,659,664,669,674,679,684,689,694],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Chinese stainless-steel producer Tsinghsan has signed an agreement to supply 100,000 tonnes of nickel matte converted from nickel pig iron (NPI) —equivalent to 75,000 tonnes of nickel contained— to midstream majors CNGR and Huayou Cobalt for nickel sulphate production, beginning in October 2021.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The announcement sent shockwaves around the market, with LME nickel prices closing 13% down on Friday 8 March compared with the previous week.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"Tsingshan confirmed that it had started trialling production of nickel matte from NPI in July 2020 at the Morowali Industrial Park (IMIP) in Indonesia, a process which was reportedly successfully completed at the end of last year.",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"Further to this, the stainless-steel producer confirmed that it would be ramping up nickel production from 600,000 tonnes in 2021 to 1.1 million tonnes by 2023; switching a portion of its production between NPI and matte ‘according to market demand and price changes.’",{"type":570,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":575},"Whilst the conversion of ‘class 2’ nickel into an intermediate product such as matte is not a new process, Tsingshan’s move looks set to have near and longer term consequences for the nickel market and the battery supply chain, which Benchmark assesses below.",{"type":597,"attrs":598,"content":600},"heading",{"level":599,"textAlign":49},4,[601],{"text":602,"type":575},"Short term impact ",{"type":570,"attrs":604,"content":605},{"textAlign":49},[606,608],{"text":607,"type":575},"The announcement comes amidst tightness in the availability of both nickel sulphate, and ‘class 1’ raw material supply suitable for chemical conversion in the Chinese market; with Chinese nickel sulphate prices having undergone an 18.5% increase since the start of the year according to the February issue of ",{"text":609,"type":575},"Benchmark’s Nickel Price Assessment. ",{"type":570,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":575},"The tightening of nickel sulphate and raw material supply has been fuelled by a substantial increase in nickel demand from the battery industry beginning in earnest in H2 2020, linked to surging EV sales globally, coupled with residual disruption at key raw material suppliers for the battery supply chain – notably the ongoing closure of the VNC mine in New Caledonia.",{"type":570,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":575},"Tight nickel sulphate and ‘class 1’ nickel supply has forced Chinese buyers to seek alternative sources to bridge supply gaps. Alongside procuring lower cost nickel sulphate from the international market in recent months, Chinese refiners have also started exploring the utilisation of ‘class 2’ nickel units, namely NPI and Ferronickel (FeNi), as feedstock for nickel sulphate production.",{"type":570,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":575},"To date, the utilisation of ‘class 2’ nickel units has been largely avoided to due to higher conversion costs, loss of cobalt as a by-product, and an elevated carbon footprint.",{"type":570,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":575},"However, with battery demand expected to continue accelerating this year, and a raft of new Indonesian NPI supply coming to market across 2020 and 2021, the utilisation of ‘class 2’ units to bridge emerging supply gaps has come closer to a reality.",{"type":570,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":575},"The scale of new NPI supply from Indonesia has fuelled a growing discount to prevailing LME nickel prices, and with Chinese nickel sulphate now trading at significant premium to metal prices, current pricing dictates that the NPI is now an economical feedstock for nickel sulphate production.",{"type":570,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":575},"Nevertheless, whilst the news has eased some near-term supply concerns, it remains to be seen how quickly Chinese refiners can upgrade their production lines to start utilising matte for nickel sulphate production.",{"type":570,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":575},"Furthermore, with CNGR and Huayou only set to start taking delivery of matte from Tsingshan in October, ‘class 1’ raw material avalaibility for chemical conversion is expected to remain tight for the next six months.",{"type":597,"attrs":646,"content":647},{"level":599,"textAlign":49},[648],{"text":649,"type":575},"Long term impact",{"type":570,"attrs":651,"content":652},{"textAlign":49},[653,655,657],{"text":654,"type":575},"It is ",{"text":656,"type":575},"Benchmark’s",{"text":658,"type":575}," view that rather than signifying a move away from, or a displacement of more traditional ‘class 1’ nickel units in the production of nickel sulphate, the conversion of NPI to nickel matte is likely to be used to balance the market when ‘class 1’ supply is tight.",{"type":570,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":575},"Intermediates, such as MHP (mixed hydroxide precipitate), produced via the HPAL process will remain preferable due to a number of fundamental cost advantages, including lower conversion costs into nickel sulphate, the presence of cobalt as a by-product, and being less carbon intensive to produce.",{"type":570,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":575},"In the longer term, for larger players in the supply chain, investments in HPAL are still preferable due to MHP’s aforementioned benefits.",{"type":570,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":575},"This has been demonstrated over the past year, with Chinese cathode material producer GEM extending its control over the PMB New Material HPAL project in January. The company had also reached an 8-year offtake agreement with developer PT Lygend, which most recently established a long-term supply agreement with Beijing Easpring.",{"type":570,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":575},"However, for smaller players in the supply chain, who are often unable to take on the risk associated with investing in HPAL plants, the conversion of NPI to matte increases the range of feedstocks available to them for utilisation in nickel sulphate production, allowing them to secure nickel supply without significant capital investment.",{"type":570,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":575},"As such, it is expected that an increasing number of ‘class 2’ nickel producers will install nickel matte conversion capacity to capitalise on potential demand from the battery industry.",{"type":570,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":575},"In this sense, NPI can function as a ‘swing supply’ in times of market tightness and help bridge supply gaps for the battery industry, easing concerns in the market about the potential for future supply shortages.",{"type":570,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":575},"However, the conversion of NPI to matte is a carbon intensive process, and with the ESG spotlight firmly fixed on the battery supply chain, it remains to be seen whether Western automakers will utilise nickel from such sources in their supply chains.",{"type":570,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":575},"A  situation may develop where the NPI to matte route is used solely in the Chinese market, whilst more traditional ‘class 1’ nickel sources are utilised by Western automakers and cell producers alike.","Chinese stainless-steel producer Tsinghsan has signed an agreement to supply 100,000 tonnes of nickel matte converted from nickel pig iron (NPI) —equivalent to 75,000 tonnes of nickel contained— to midstream majors CNGR and Huayou Cobalt for nickel sulphate production, beginning in October 2021. The announcement sent shockwaves around the market, with LME nickel prices closing […]",[701],{"slug":558,"name":559,"content":702},{"job_title":561,"image":703,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7303ad46-67f2-4fa7-94ca-2687e4364262\", \"id\": \"\"}-->","article",[707,710],{"slug":708,"name":709},"critical-minerals","Critical Minerals",{"slug":711,"name":150},"nickel","private",{"id":49,"alt":714,"name":714,"focus":714,"title":714,"source":714,"filename":715,"copyright":714,"fieldtype":716,"meta_data":717,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/7e6312dd93/bm-tsingshan-holding-group.jpg","asset",{"alt":714,"title":714,"source":714,"copyright":714},"Mar 10, 2021","10th March 2021",[],[],1783682691234]