Nickel: Relationships

Every element and industry that Nickel is linked to, and how. Each pair has its own card explaining the relationships between the two.

Nickel-rich lithium-ion batteries: Nickel-rich cathodes are nickel's fastest-growing market, and the nickel feeding them increasingly comes from Indonesian laterites processed mostly in Chinese-owned plants. Growth depends on how much of the EV market stays with nickel cells rather than nickel-free LFP. (researched)
Steel: Stainless steel takes about two-thirds of the world's nickel, so stainless output in China and Indonesia sets nickel demand, while carbon steel, most of all steel, uses almost none and its price barely tracks nickel. (researched)
Electric and hybrid vehicles: Long-range electric cars mostly run on nickel-rich NMC and NCA batteries, but iron phosphate (LFP) cells made up over 55% of EV batteries worldwide in 2025, so EV growth no longer translates one for one into nickel demand. Stainless steel, not cars, still takes most of the world's nickel. (researched)
Palladium: Much of the world's palladium is dug out with nickel and copper at Norilsk in Russia, so palladium supply depends on one nickel miner and on sanctions and trade policy towards Russia, a risk far larger for palladium than for nickel. (researched)
Vehicles, ships, rail, aircraft: Vehicles use nickel in two very different ways: in nickel-rich NMC and NCA battery cathodes, and in stainless steels and superalloys for engines, ships and aircraft. Battery demand for nickel has grown fast but is held back by the spread of nickel-free LFP cells, and most new nickel now comes from Indonesia. (researched)
Aerospace and defence: Nickel-base superalloys make up much of a jet engine's hot section, over half of engine weight with other superalloys, but aerospace takes only a small slice of world nickel, so engine makers buy at prices set by stainless steel and Indonesian supply. (researched)
Battery cathode materials: Nickel is a main metal in NMC and NCA cathodes, but stainless steel still takes just under 70% of primary nickel and the spread of nickel-free iron phosphate (LFP) cathodes limits battery demand. Much of the nickel for cathodes now comes from Indonesian plants, many of them Chinese-owned. (researched)
Cobalt: About a fifth of by-product cobalt comes from nickel ores, and Indonesia's high-pressure acid leach (HPAL) plants have made it the second largest cobalt producer, selling nickel and cobalt together in mixed hydroxide for batteries; both metals also share the NMC battery market and the threat from LFP, which uses neither. (researched)
Copper: Copper and nickel share a price cycle and are mined together from magmatic sulphide ores such as Norilsk, but Indonesia's laterite boom has pulled nickel onto its own supply-driven path. (researched)
Aviation propulsion: Aviation propulsion needs nickel; their prices have moved together.
Gas turbines and combined cycle: Gas turbines and combined cycle needs nickel; their prices have moved together.
High-temperature batteries: High-temperature batteries needs nickel; their prices have moved together.
Nickel-based batteries: Nickel-based batteries needs nickel; their prices have moved together.
Chemical process catalysts: Nickel is a raw material for chemical process catalysts.
Computers and electronics: Computers and electronics depends on nickel.
Electric heating: Their prices have moved together.
Electrolysers: Electrolysers needs nickel.
Food and beverage processing: Food and beverage processing depends on nickel.
Furniture: Furniture depends on nickel.
LNG chain: Their prices have moved together.
Machinery and equipment: Machinery and equipment depends on nickel.
Medical devices: Medical devices depends on nickel.
Metal products: Metal products depends on nickel.
Paper and packaging: Paper and packaging depends on nickel.
Recuperators and regenerators: Their prices have moved together.
Refining catalysts: Nickel is a raw material for refining catalysts.
Sulfur: Their prices have moved together.
Sulphuric acid: Their prices have moved together.
Thermal coal: Their prices have moved together.
Waste and recycling: Waste and recycling depends on nickel.
Water and sanitation: Water and sanitation depends on nickel.