What it is
Nickel is a versatile metal used in stainless steel (~70% of demand), EV battery cathodes (NMC, NCA), and high-temperature alloys for jet engines.
Why it matters
Indonesia has become the swing producer, mostly using coal-fired processing of lateritic ores — high-emission supply.
Circular challenges
Whether nickel re-enters the economy at end-of-life is mostly settled at the design stage. These are the recurring blockers.
Class 1 vs Class 2
Stainless steel uses Class 2 nickel; batteries need Class 1. The two streams are not interchangeable, complicating recycling.
Indonesian coal
Battery-grade nickel from Indonesian HPAL plants has a high carbon footprint; cleaner alternatives are scarce.
Stainless steel is a sink
Most nickel ends up in stainless steel that lasts decades; secondary nickel cannot grow faster than the stainless-steel scrap cycle.