Resource · Battery metal
Nickel
Nickel goes mostly into stainless steel (65%) and increasingly into batteries (17%). Indonesia mines two thirds of the world's nickel after banning raw ore exports in 2020. Chinese companies control about 75% of Indonesia's smelting capacity. China consumes more than 65% of the world's primary nickel.
- Mined in 2025
- 3.9 million t
- of nickel
- Largest producer
67%- 2.6 million tonnes
- Indonesia's smelters
- 75%
- controlled by Chinese firms (2023)
- Used in China
65%+- of primary nickel, 2025
- Main use
- Stainless steel
- 65% of nickel, 2023
Which country produces the most nickel?
Indonesia mined 67% of the world's nickel in 2025, up from 62% in 2024. Indonesia banned all raw ore exports on January 1, 2020, two years ahead of schedule, to force miners to build smelters at home.
In early 2026, Indonesia cut its mining quota from 379 million to 260-270 million wet tonnes. Nickel prices jumped from about $14,000 to over $17,000 a tonne by February. The Philippines ranks second at 6.9% and still exports raw ore.
Share of world mine output, 2025
- Indonesia66.7%
Philippines6.9%
Russia5.1%
New Caledonia3.6%
Canada3.6%- China3.1%
- Everyone else11.0%
- Under 1%
- 1%–5%
- 5%–10%
- 10%–25%
- Over 25%
- No production
Who refines nickel?
Indonesia and China together smelted about 73% of the world's nickel in 2024. China mines only 3% of the world's ore but processes 29% of refined output.
Chinese companies, led by Tsingshan at the Morowali industrial park in Sulawesi, control about 75% of Indonesia's smelting capacity. The EU challenged Indonesia's export ban at the WTO and won a panel ruling in November 2022. Indonesia appealed, and the ban stayed in place.
From mine to metal
Share of world nickel at each step
Indonesia 67%China 3.1%Philippines 6.9%Russia 5.1%China 29%Indonesia 45%Russia 4.3%Canada 3.1%China 65%What is nickel used for?
Stainless steel takes 65% of the world's nickel. Batteries are the fastest-growing use at 17%, driven by high-nickel cathodes in electric vehicles.
On March 8, 2022, nickel briefly doubled to over $101,000 a tonne on the London Metal Exchange, squeezing Tsingshan's short position. Cheap Indonesian supply then pushed prices from about $25,800 a tonne in 2022 to about $15,000 in 2025. BHP suspended its Western Australia nickel business in October 2024, and riots shut most of New Caledonia's mines.
What the world's nickel goes into
Share of first use, 2023
- Stainless steel65%
- Batteries17%
- Alloys9%
- Plating5%
- Other4%
How much goes into one
- 8%of common 18/8 stainless steel is nickel
- 40 kgof nickel in a 60 kWh high-nickel car battery
- 25%of a US five-cent "nickel" is nickel; the rest is copper
- 4% → 17%batteries' share of nickel use, 2016 to 2023
Which country has the most nickel reserves?
Indonesia holds about 44% of known nickel reserves. Australia has the second-largest reserves at 18% but mined only 1.2% in 2025. Australian output fell about 54% that year as mines went into care and maintenance.
Brazil holds 11% of reserves and produces just 1.8% of output. New Caledonia, a French overseas territory, holds 5% of reserves and mined 3.6% in 2025.
Reserves against mining
Share of reservesShare of mining- Indonesia44%67%
Australia18%1.2%
Brazil11%1.8%- Russia5.9%5.1%
- New Caledonia5.1%3.6%
- Philippines3.4%6.9%
- China3.1%3.1%
- Canada1.6%3.6%
Other resources
All 11 resources →
DR Congo 74%
Battery metal
Cobalt
China refines 79% of the world's cobalt but mines less than 1%.
Australia 32%
Battery metal
Lithium
China mines 21% of lithium but refines 70% and makes 80% of battery cells.
Chile 23%
Industrial metal
Copper
China refines 48% of the world's copper but mines only 8%.