Nickel

tracked under Minerals ▸ Battery metals

EU banned Murmansk port transactions but Russian nickel still reaches Western markets; Nornickel's Q1 output fell sharply and it accelerated China copper JV talks

The EU's 20th sanctions package closed one export channel but Global Witness found gaps; Q1 2026 palladium output fell 10-11%; Nornickel is negotiating a 2Mt/year copper concentrate JV with Xiamen C&D

What They're Not Saying ·7 takes ·Jun 26

Vale Base Metals hit Q1 2026 records in copper and nickel; the Glencore Sudbury JV targets a $1.6-2 billion deal and FID in H1 2027

Vale Base Metals reported record Q1 copper output and near-record nickel as it advances a joint venture with Glencore in the Sudbury Basin; $5.4-5.7 billion in capex is planned for 2026 as Vale pursues strategic separation of base metals from iron ore

The Long Game ·6 takes ·Jun 26

Glencore acquired Li-Cycle, Ascend Elements filed for bankruptcy, and European recyclers raised over half a billion euros as commercial-scale battery recycling consolidated in 2026

The first EV battery recycling shakeout separated commercial-scale survivors from undercapitalised startups; Redwood Materials reached a $6 billion valuation, Germany's cylib raised €63.4 million, and EU Battery Passport compliance deadlines gave the sector a regulatory floor

Whose Money ·7 takes ·Jun 26

EU Critical Raw Materials Act's second strategic project list adds 47 projects across lithium, nickel, cobalt and rare earths; first permits processed in 24 months

The European Commission published its second CRMA Strategic Projects selection in March 2026, bringing the total to 94 projects; member states must issue permits within 24 months; the CRMA sets 2030 supply benchmarks requiring 10% domestic extraction and 40% EU processing

The Long Game ·9 takes ·Jun 25

Indonesia cuts nickel mining quota 30% and drives HPAL sulphur costs up 567%

Jakarta's 2026 RKAB allocation of 270Mt (down from 379Mt) tightened feedstock; acid costs near $1,000/t and HPAL utilisation fell to 70-75%

Whose Money ·6 takes ·Jun 25

One Big Beautiful Bill phases out wind energy IRA credits by 2027 and restricts 45X minerals credits from FEOC suppliers, while adding metallurgical coal

The House-passed reconciliation bill terminates the IRA's wind production and investment credits for projects beginning after 2026, extends and modifies the 45X advanced manufacturing credit, bars FEOC-sourced material from 45X eligibility, and adds a new metallurgical coal credit; Senate outcome uncertain

Whose Money ·8 takes ·Jun 25