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A Two-Tiered Nickel Pricing Model
Most of the growth in global mine supply of
nickel is expected to come from laterite projects
using high-pressure acid leaching (HPAL)
hydrometallurgical processes to create
intermediate chemical products required for the
li-ion ba=ery market.
! Nickel Pig Iron (NPI) to intermediate grade nickel maDe (>50%
concentraGon) is a highly emissions-intensive process (four
Gmes more than HPAL.
! Analysis from major market parGcipants, including Trafigura
and BlackRock, suggests that a two-Gered pricing system is a
realisGc possibility:
Cleanly sourced supplies CO sourced supplies to
2
to a=ract premiums receive ‘brown discount’
(an opportunity for Australia)
Source: Trafigura, Nickel & EV Market Outlook, July Page 9
2022.
