Country Report
Global nickel industry cost summary
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Report summary
Wood Mackenzie's Q1 2026 Global Nickel Cost Summary reveals a sector where improving average costs mask deepening operational pressures. Indonesia's prolonged RKAB approval process has triggered severe ore supply uncertainty, with dramatic quota cuts pushing premiums to multiples of government benchmark and widening the divide between integrated and non-integrated producers. Escalating Middle East tensions pose dual threats to HPAL operations—record sulphur prices and looming supply disruptions that could force curtailments regardless of economics. Meanwhile, surging by-product prices create stark divergence: sulphide producers capture strengthening margins from elevated copper, cobalt and PGM credits, whilst laterite operations remain compressed.
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