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.
Nickel Cathodes at a Glance
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.
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