The outlook for nickel remains one of year-on-year deficits, falling stocks and rising prices. Tsingshan continues to expand its nickel and stainless empire, and new nickel supply from its Indonesian facilities signals a risk to our current rising price profile from 2019 to 2022. Beyond that, the gap between supply and demand widens because of uptake in batteries for electric vehicles and energy storage. The challenge of sourcing adequate nickel supply is daunting. But here, too, Tsingshan may ultimately turn out to be influential.