Oversupply sets tone for China’s nickel markethttps://www.fastmarkets.com/insights/oversupply-sets-tone-for-chinas-nickel-market-2024-preview/
In 2023, the emergence of the conversion of Class-2 material to Class-1 material, notably nickel sulfate into nickel cathode, prompted some of the biggest participants in the Chinese nickel market such as Tsingshan Group, Huayou Cobalt, Jingmen GEM and CNGR New Energy Science & Technology to start producing their own nickel cathode.
The rise in capacity-building in both China and Indonesia quickly turned a refined nickel market once in short-supply into an oversupplied one, not only in China, but also globally, crashing nickel prices on both the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE).
Short version: niche nickel mining and refining is SOL in the face of this kind of revolution in the global market.