Indonesian laterite based nickel won't be IRA compliant anytime soon. Billateral agreements need a lot more time to be worked through and the US government won't let Chinese owned Indonesian supply chain to be subsidised by the Us taxpayer, especially with such poor ESG credentials. Unfortunately, people, who manage a lot more money than I do tend to get a kneejerk reaction even after hearing such rumours, hence the massive sell off in the nickel industry. Once the European and Japanese OEMs, which usually prefer NCM battery chemicals start to catch up to the BYD-s, GAC-s, Li-s, who mostly use the cheaper LFP batteries, class 1 nickel price should bounce back.
