Vol. 01Issue 10NickelTuesday, October 27, 2026
Nickel
Nickel coverage.
Most nickel goes into stainless steel. A smaller but faster-growing share goes into batteries. The two markets need different products and price differently.
Macro driver
Stainless steel and batteries
Exchanges
TSXV and CSE
The setup.
Class 1 and Class 2 nickel are a real structural split. Battery nickel has different economics from stainless nickel.
The risk.
Indonesian HPAL capacity has reset the cost curve, and it moves again each time Indonesia adds capacity.
What we watch.
LME nickel inventories, Indonesian HPAL projects coming online, the EV chemistry mix (NMC against LFP), and nickel sulphide juniors on the TSXV.
