The outlook for nickel remains one of long-term structural deficit and higher prices. World stainless melt production is expected to increase by around 16% by 2025, before slowing. However, there are risks to nickel uptake including falling austenitic ratios and rising scrap use in China. Also, penetration of the market by Indonesian stainless will force other producers to cut output. Longer term nickel demand is driven by the electric vehicle battery segment, not least because high-nickel battery chemistries will become increasingly dominant. But where is all the nickel going to come from? Do recently announced hydrometallurgical projects in Indonesia really provide the answer?