Morning Bites (part 2)

⛏️ Indonesia's Huayou plant has cut Ni output 50% since early May amid surging sulphur costs, SMM reports, citing a company message. The 60kt plant accounts for ~1.5% of global Ni output and uses HPAL technology, which heavily relies on sulphur for acid production. Specifically, HPAL operations accounted for ~20% of Indonesian Ni supply in 2025

While isolated production cuts might offer some support to global Ni prices, they are unlikely to materially rebalance the market in the near term, we believe. To recap, the global Ni market was in a heavy surplus—of 8% of global demand in 2025

#nickel