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manganese lithium copper rare-earths
# nickel # general # macro

Nickel 101 - Part I

Jun 12, 2025
By Gaia Research Team
Reading time: 7 mins.

Nickel market faces oversupply until 2027-2028, driven by Indonesia’s production share. LME prices dropped in April 2025, recovering to ~$15,000. INSG forecasts 198,000-ton surplus in 2025. Demand grows 5-8% yearly, but supply outpaces, especially for Class II nickel (NPI, ferronickel). Class I nickel preferred for batteries; ESG concerns limit Indonesian nickel in Western EV chains. LME reforms post-2022 crisis boost stocks; SHFE challenges with globalized futures.

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# nickel # general # macro

Nickel 101 - Part II

Jun 12, 2025
By Gaia Research Team
Reading time: 8 mins.

The 2022 LME nickel crisis led to trading suspension and reforms: 15% price limits, new oversight, and six new brands, raising stocks from 40,000 to 230,000 tons by late 2024 (+59% volume). Shanghai’s SHFE challenges LME, opening futures to foreigners in mid-2025; its SMM index sets ferronickel prices. CME, ICE, and Abaxx expand futures, while bilateral markets for Class II (ferronickel, NPI) often use Chinese prices. LME prices for pure nickel misalign with Class II, fueling LME-SHFE arbitrage. Regulatory shifts, like Russian metal bans, disrupt prices.

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# lithium # nickel

The End of the ‘E’

May 21, 2024
By Gaia Research Team
Reading time: 4 mins.

Bring the end of ‘E’ pillar in ESG practices and emphasize the substantial benefits and more relevance of ‘S’ and ‘G’ practices through real cases from IGO.

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