Mining
Nickel supply chain
Laterite and sulfide routes, Indonesian HPAL, and cathode precursor demand from EVs.
⚠ Indonesia HPAL & class-1 nickel
Key chokepoints
- Indonesian laterite HPALProcessing
Indonesia dominates new laterite capacity; HPAL ramp-ups face acid and power constraints.
Related tickers: VALE
- Sulfuric acid & HPAL reagentsChemicals
Regional acid logistics bottleneck HPAL commissioning schedules.
- Nickel sulfate & precursor chemicalsRefining
China hosts most precursor capacity; Western cathode plants depend on imported intermediates.