Nickel Cathodes
Nickel cathodes are electrolytically refined nickel plates of 99.8%+ purity, deliverable against LME contracts. Nickel is essential for stainless steel production (which consumes 70% of output) and increasingly for lithium-ion battery cathodes in electric vehicles.
- LME Grade (99.8%)
- Full Plate Cathode
- Cut Cathode
- CIF
- FOB
- CIP
Nickel Cathodes, in brief.
- Common origins
- Russia
- Indonesia
- Canada
- Australia
- New Caledonia
- Common destinations
- China
- Japan
- South Korea
- Europe
- United States
- Grades and specifications
- LME Grade (99.8%)
- Full Plate Cathode
- Cut Cathode
- Incoterms
- CIF
- FOB
- CIP
- Unit of measure
- Metric Tons
What moves Nickel Cathodes pricing
The nickel market split is now structural: Class 1 nickel (LME-deliverable cathodes and briquettes) trades at a meaningful premium to Class 2 (NPI, ferronickel) following the 2022 LME nickel crisis. Battery-grade nickel sulfate is increasingly priced separately. Indonesian NPI and matte production has reshaped global supply: Indonesia now produces over half of world mined nickel. The London-Shanghai (LME-SHFE) arb is heavily monitored.
How Nickel Cathodes cargoes are priced and settled
Class 1 cathodes are 4x4 inch squares, 99.8% Ni minimum, in 1-2 tonne pallets. Cargoes typically 25-100 tonnes. Pricing is LME M+1 plus premium for Class 1, while NPI and matte trade off pay-for-Ni-content with separate quality premiums for cobalt and impurities.
Nickel Cathodes specifications and dispute practice
Disputes turn on cobalt content (typically <0.05% for Class 1), copper, sulfur, and physical form. Battery-pathway buyers increasingly require traceability and ESG documentation: a meaningful negotiation point with Indonesian and Russian-origin material.
Where Nickel Cathodes comes from and where it goes
Top exporters of Class 1: Russia (Norilsk, sanctions-affected), Canada (Vale, Glencore), Australia (BHP Nickel West, IGO), Madagascar (Ambatovy), Finland, Norway. Top NPI/matte exporter: Indonesia (Tsingshan, Vale Indonesia). Top importers: China (battery and stainless), South Korea, Japan, EU.
Who trades Nickel Cathodes?
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Related market pages.
- Copper CathodesCopper cathodes are 99.99% pure electrolytic copper plates, the final product of copper smelting and refining. They are the primary traded form of refined copper, used as feedstock by wire rod mills, brass mills, and foundries. LME Grade A cathodes are the global benchmark.
- Copper Wire RodCopper wire rod is a semi-finished product manufactured by continuous casting and rolling of refined copper. It is the starting material for electrical wire, cable, and conductor manufacturing. Wire rod quality is defined by oxygen content, with oxygen-free copper (OFC) commanding premium pricing.
- Copper ConcentrateCopper concentrate is a semi-processed ore product containing 20-40% copper, produced by crushing, grinding, and flotation of copper-bearing rock. It is the primary feedstock for copper smelters worldwide. Treatment and refining charges (TC/RCs) are a key element of pricing negotiations.
- Copper ScrapCopper scrap is recycled copper sourced from electrical cables, plumbing, demolition, and manufacturing off-cuts. Classified by ISRI codes (e.g., Birch for No.1 bare bright, Candy for No.2 copper), it accounts for roughly 30% of global copper supply and is critical for sustainable metal production.
- Aluminum IngotsAluminum ingots are cast blocks of primary aluminum produced from smelting alumina via electrolysis. They are remelted by foundries and fabricators to produce automotive parts, construction materials, and consumer goods. Standard ingots are 99.7% purity, traded at LME prices plus regional premiums.
- Aluminum BilletsAluminum billets are solid cylindrical logs produced by continuous casting, used as feedstock for extrusion presses to create profiles for construction, automotive, and industrial applications. Alloy grades like 6063 and 6061 dominate the market, with billet diameter typically ranging from 127mm to 406mm.
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