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Principle issues in the medium-term outlook
Demand
➔What is the growth rate in stainless use and also in stainless steel scrap availability from
China?
➔How fast can nickel in batteries grow? – massive forecast uncertainty especially over the
use of NCM 811 (high Ni content) batteries
Supply
➔What is the next source of nickel supply for the battery industry?
➔Over 200ktpa of HPAL projects in Indonesia but doubts about the timing, environmental issues
and capital costs
➔How much class1 can be displaced from the stainless industry by NPI and stainless steel scrap?
➔Will NPI be converted into nickel sulphate?
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