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Overview of presentation
➔Covid-19 has (obviously) had a negative impact on the supply/demand fundamentals for
nickel, with market shifting from deficit to surplus – these could last a few years…
➔Nickel prices have held up well in the circumstances due to a strong Chinese stainless
steel recovery, aided by weaker US dollar and speculative buying
➔Strong rise in Indonesian nickel production weighs heavily over nickel market in near
term – nickel is in the middle of the biggest surge in supply growth ever seen
➔Growth in nickel use in batteries is the big opportunity with the only significant
investments in new capacity so far being made by Chinese investors in Indonesia
➔Industry needs to invest now to meet potential explosive demand post-2025. Electric
vehicle makers have options to use more or less nickel, depending on nickel availability
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