[SMM Nickel Market Flash] Nickel Industries H1 2026: RKEF EBITDA Doubles on NPI Price Even as Output Slips 7%

US-backed investment firm Orion CMC is reportedly weighing an investment of about $500m in Tanzania's Kabanga nickel project, according to Bloomberg as cited by Ecofin Agency and carried by other outlets on August 25. Talks between Tanzania and operator Lifezone Metals over the project's financial and ownership framework have moved more slowly than expected, pushing the final investment decision to Q1 2027. Lifezone holds 84% and the government 16% under a 2021 agreement, with amendments to the development structure and benefit-sharing under discussion. Kabanga needs about $942m of construction capital and, per its feasibility study, would produce roughly 902 kt of nickel, 134 kt of copper and 69 kt of cobalt over an 18-year life. The US DFC has previously signalled financing interest.

Tokyo-based stainless steel maker Nippon Kinzoku has begun mass production of ultra-thin, narrow-width stainless steel optimised for laser welding in ultra-fine insulin needles, the company said in a statement carried by Bernama on August 27. It said a stable supply system is now in place after trials with leading needle makers. The needle industry is shifting from TIG or plasma welding to laser welding, which allows faster welding and base material more than 50% thinner at the initial stage — 0.08 mm versus 0.2 mm previously — supporting wider use of 30G to 32G needles in pen injectors. Its NK-304NKM grade, used in thin-walled welded tube for medical and cosmetic uses, holds about 57% share in Japan and 55% in key overseas regions, per company research in March 2026.

South Korea has set out what it wants from Indonesia on nickel, citing incentives for nickel-based batteries and consistent policy, Jakarta Globe reported on August 27. Uhm Taeho, political section chief at the Korean Embassy, told a Jakarta media workshop that Seoul is looking for incentives and easier rules for nickel-based batteries, which he said are recyclable and cleaner but cost slightly more, with incentives meant to close that gap. Asked about Indonesia's one-gate export policy channelling strategic commodity exports through Danantara unit DSI, which covers the ferroalloys Korea buys for steelmaking, he said Korea respects the policy but that consistency and predictability matter for investment. Indonesia is expected to detail EV incentives soon after repeated delays.