Nickel

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

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 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

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

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%

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