2027 Agenda

Has the nickel market finally reached a turning point?

After years of oversupply and weak prices, nickel may be entering a new phase. As supply dynamics shift, demand from electrification grows, and governments seek greater control of critical mineral value chains, investors are reassessing the outlook. Has nickel reached a turning point, and what could drive the market over the next two years?

The big questions?

• Has oversupply permanently reset nickel’s cost curve?
• Can nickel reclaim 2022 prices?
• Can African projects compete with Indonesia’s integrated model?
• Does the rise of LFP fundamentally undermine the long-term nickel investment thesis?