BHP faces nickel choice this year on low prices

Poor showing: BHP’s gobal headquarters in Melbourne is seen in this file photo. Earnings tanked at its nickel business in the 2023 financial year, sliding 61% from a year earlier to just US$164mil. — AFP

AUSTRALIAN nickel producers, hit by a sharp jump in supply from rival Indonesia, are starting to buckle under low prices that analysts expect will force a rethink by top global miner BHP Group on its nickel strategy this year.

The metal has long been feted as a key battery material for electric vehicles (EVs) because it improves energy density so cars can run further on a single charge.