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Nickel Industries Ltd. is an Australian-domiciled (ASX: NIC), Sydney-headquartered nickel producer whose entire operating asset base sits in Indonesia.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 2 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
NIC Annual Report 2025, Note 25 Revenue (major customers): All sales of NPI during the year were either exported sales to Shanghai Decent in China ($397.0 million), or sales within Indonesia to IMIP stainless producers; segment note: All NPI sales by ... Angel Nickel were exported to China. Origin = Angel Nickel RKEF plant, Indonesia Weda Bay Industrial Park (IWIP), North Maluku, Indonesia; destination = Shanghai Decent (Shanghai Decent Investment, Tsingshan group trading arm, NIC largest shareholder) in China. Related-party total: NPI, MHP and electricity sold to Shanghai Decent-related entities US$1,424.2m in 2025 (2024: US$1,597.9m), most of it delivered inside Indonesia (ID>ID, not counted here).
NIC Annual Report 2025, credit-risk note: MHP sales are to IXM S.A., Jingmen Gem Co., Ltd and XTC Recycling Technology (Xiamen) Ltd located in China, plus Hong Kong, Singapore and Sweden buyers; revenue note: Sales of MHP exported to customers based in China were $36.5m. Origin = NIC HPAL MHP (Tsing Creation offtake share of the HNC HPAL plant, IMIP, Morowali, Indonesia); destination = Jingmen GEM (GEM Co. subsidiary, Jingmen, Hubei, China). Per-customer value not split out.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 2 of its 2 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇵🇬 PG accounts for 100% of severity-weighted pressure.