[SMM Nickel Market Flash] SMM VP Shirley Wang: Laterite Grade Decline Narrows Cost Gap, Sulphide Output Set to Rise

Published: Jun 4, 2026 11:42

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At the 2026 SMM Indonesia Critical Minerals Conference & Expo, SMM Vice President Shirley Wang outlined the structural shift in global nickel production costs: prior to 2015, high-grade primary nickel ore dominated as the lowest-cost feedstock; from 2016 to 2026, low-grade ore and laterite mining steadily gained share; today, laterite nickel ore has become the most cost-competitive feedstock. Looking ahead, Shirley Wang cautioned that as laterite ore grades continue to decline, nickel production from sulphide ore — historically more expensive but grade-stable — may see a structural revival.

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