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Big Miners BHP, Glencore Have a Nickel Problem

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Aug 26, 2023

Big Miners BHP, Glencore Have a Nickel Problem

Key battery metal nickel should help companies offset the decline of coal, but right now it’s a tough market to be in. Nickel smelting at a plant in Sulawesi, Indonesia. Photographer: BANNU

Key battery metal nickel should help companies offset the decline of coal, but right now it’s a tough market to be in.

Nickel smelting at a plant in Sulawesi, Indonesia.

Photographer: BANNU MAZANDRA/AFP via Getty Images

Welcome to Energy Daily, our guide to the energy and commodities powering the global economy. Today, Commodities Reporter Thomas Biesheuvel takes a look at the nickel market following BHP’s earnings report. To get this newsletter sent to your inbox, you can sign up here.

For the big miners, nickel is supposed to be a bright spot — a crucial battery metal that will help offset the inevitable decline of the coal they currently dig up. Yet right now, it’s a tough place to be.