Insight
Too much class 1 nickel, too few outlets
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Report summary
Throughout 2026, tighter Indonesian ore quotas, sulphur shortages and weather-related disruptions have repeatedly raised concerns over nickel supply. Each disruption has briefly lifted prices. But if nickel is genuinely scarce, why do these rallies fade so quickly? Having visited 11 plants in China, mainly in Jiangsu province and Shanghai, we find that the underlying issue is not a shortage of nickel metal, but insufficient demand to absorb the growing Class 1 surplus. Read this fieldwork insight to understand why no major downstream sector currently offers the demand growth needed to absorb excess Class 1 nickel, and why high stocks will continue to cap sustained price rallies.
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