offtake · non-aligned supply brief

Nickel (Ni)

base · criticality 8/10 · substitutability: limited

MOS Rank

#57

score 13 · conf 57%

Published 2026-04-17 · Mineral Opportunity Score ranks all 58 tracked minerals by broker profitability.

Why this week

  • —Thin non-aligned supply — sourcing hard
  • —Positive price momentum
  • —Liquid exchange — low broker spread

Supply concentration

10% of global production is in China + Russia

HHI 2700

China 4% · Russia 6%Non-aligned 90%

Top producers

  • Indonesia49%
  • Philippines10%
  • Russia6%
  • New Caledonia5%
  • Australia5%

Price momentum (90-day, equity-proxy index)

+33.9%

vs 90 days ago. Synthesized from a pure-play equity basket (methodology: z-score-normalized basket index, 0–100 scale).

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