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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":702,"relatedVideos":703},175739125342802,"97907a30-c27d-4376-9431-f5ea8a5826ff","Geo-economic and policy briefing - Edition 4 2026","geo-economic-and-policy-briefing-edition-4-2026","publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-4-2026",{"_uid":547,"date":548,"content":549,"excerpt":666,"component":667,"categories":668,"visibility":699,"publication_frequency":188,"formattedDate":700,"formattedArticleDate":701},"e828ba71-a10e-4eb9-8d41-41da56fef351","2026-05-12 00:00",{"type":550,"content":551},"doc",[552,563,580,594,604,614,634,640,649,656,661],{"type":553,"attrs":554,"content":556},"heading",{"level":555,"textAlign":49},4,[557],{"text":558,"type":559,"marks":560},"1. Middle East conflict and Strait of Hormuz impact tracker ","text",[561],{"type":562},"bold",{"type":564,"attrs":565,"content":567},"paragraph",{"textAlign":566},"justify",[568,570,578],{"text":569,"type":559},"With the US and Iran still divided on a framework to de-escalate the conflict and secure traffic through the Strait of Hormuz, disruptions to critical minerals, battery materials and EV supply chains are set to persist. As highlighted in ",{"text":571,"type":559,"marks":572},"last month’s briefing",[573],{"type":574,"attrs":575},"link",{"href":576,"uuid":49,"anchor":49,"target":49,"linktype":577},"https://intelligence.benchmarkminerals.com/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-3","url",{"text":579,"type":559},", the most immediate impact is in the sulphur and sulphuric acid markets, with knock-on effects for mineral processing and the broader battery value chain. The Strait of Hormuz remains central, handling around half of global seaborne sulphur trade, underscoring both the vulnerability of maritime chokepoints and Iran’s incentive to retain strategic leverage over flows even beyond the current crisis, potentially through a tolling system. At the same time, higher fuel prices have strengthened the case for electrification and energy security, accelerating global demand for batteries, energy storage and clean transportation.",{"type":564,"attrs":581,"content":582},{"textAlign":566},[583,585,592],{"text":584,"type":559},"China has emerged as a central actor: on one hand, it has tightened control over sulphuric acid exports, shifting from a quota and licensing regime in January–April 2026, cutting permitted exports to 700,000 tonnes from 1.3 million a year earlier, into a near-total administrative restriction from 1 May 2026, with only limited exemptions for high-purity grades subject to approval. According to estimates, this would remove an estimated 1–1.5 million tonnes of supply from the seaborne market, increasing pressure on downstream industries, particularly Indonesia’s HPAL/MHP nickel sector. On the other hand, Chinese manufacturers have accelerated exports of clean energy technologies. Battery exports surged 48% year-on-year in Q1 2026, reaching record levels in March, mainly driven by policy changes",{"text":586,"type":559,"marks":587},",",[588],{"type":589,"attrs":590},"textStyle",{"color":591},"",{"text":593,"type":559}," including the reduction of export tax rebates for batteries and the expiry of solar rebates in April.",{"type":564,"attrs":595,"content":596},{"textAlign":566},[597,599],{"text":598,"type":559},"Against this background, here is what the Middle East crisis and disruption in the Strait of Hormuz mean for critical minerals, batteries and EVs",{"text":600,"type":559,"marks":601},":",[602],{"type":589,"attrs":603},{"color":591},{"type":605,"attrs":606},"blok",{"id":607,"body":608},"494eec31-44c6-434e-a478-650b311e36ba",[609],{"id":610,"_uid":611,"type":612,"component":613,"fixed_height":591,"use_fixed_height":50,"fixed_height_mobile":591,"fixed_height_tablet":591},"28917944","i-8ef2abb8-b34b-43df-8566-55590a7e15ab","visualisation","ContentFlourish",{"type":553,"attrs":615,"content":616},{"level":555,"textAlign":566},[617,623,627],{"text":618,"type":559,"marks":619},"2. 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Key Macro-economic Indicators",[646,648],{"type":589,"attrs":647},{"color":632},{"type":562},{"type":605,"attrs":650},{"id":607,"body":651},[652],{"id":653,"_uid":654,"type":655,"component":613,"fixed_height":591,"use_fixed_height":50,"fixed_height_mobile":591,"fixed_height_tablet":591},"3493187","i-d7debd87-9c87-48ed-97cd-c4cde7d12343","story",{"type":564,"attrs":657,"content":658},{"textAlign":566},[659],{"text":660,"type":559},"Uncertainty around the continuation of a ceasefire in the US-Iran war has contributed to sustained macro uncertainty and a mixed global growth picture. US activity has stayed relatively resilient (ISM Services PMI around 53.6 in April), while parts of Europe have shown weaker momentum or near-stagnation, reflecting uneven demand and geopolitical uncertainty. Manufacturing globally remains in modest expansion (PMIs ~52–53), pointing to continued but subdued growth.",{"type":564,"attrs":662,"content":663},{"textAlign":566},[664],{"text":665,"type":559},"Inflation fears remain predominant, with eurozone price rises hitting 3% in April and 3.8% in the US. In the currency markets, India’s rupee has hit an all-time low amid rising oil prices and renewed US-Iran tensions, which are putting pressure on the currency. Brazil’s real, by contrast, has performed better since the war, in part because it is a net energy exporter.","This is your monthly geo-economic and policy briefing, part of your Benchmark Intelligence subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). 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