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(1) The US nickel industry is gaining policy momentum, with the G7 meeting focusing on critical mineral agendas, tariff reviews slated for next month, and ongoing government support for domestic supply chains, complemented by rising electric vehicle demand, jointly driving sector development. (2) Currently, the US has only one operating nickel mine. Talon Metals completed its acquisition of the Eagle mine in January and holds a 51% stake in the Tamarack project in Minnesota, which has signed an offtake agreement with Tesla to supply 75,000 tonnes of nickel concentrate upon commercialization. (3) In the first quarter, the Eagle mine's production dropped to 1,600 tonnes, down 26% quarter-on-quarter and 30% year-on-year, due to record snowfall and mine blockage. Production has returned to normal in the second quarter, but the single-mine operating model still poses supply disruption risks. (4) In the downstream refining sector, Electra Battery Materials has begun engineering studies for a refinery with an annual capacity of 15,000 tonnes of nickel sulfate and metal, using hydrometallurgical processes to treat mixed hydroxide and mixed sulfide precipitates, allowing for flexible use of global raw materials. (5) General Motors has established a battery development center in Michigan focusing on lithium-rich manganese cathode chemistry, still using nickel but able to reduce per-vehicle costs by about $6,000, with commercialization expected in 2027-2028. Tesla's offtake agreement also points to sustained nickel demand. (6) Regarding trade policy, mid-July will see progress updates on Section 232 negotiations, with uncertainty around tariffs or import restrictions. Unwrought nickel imports grew 40% quarter-on-quarter in Q1, with shipments from Canada, Norway, and South Africa up 23%, 153%, and 94% respectively, highlighting a domestic supply gap.

Wash chairs the Federal Reserve meeting for the first time, attracting market-wide attention; The preparation for the US-Iran agreement is advancing steadily.

Glonghui, June 17 | The U.S. Department of Commerce: Reached a $500 million chip R&D funding agreement with SandboxAQ. The U.S. Department of Commerce will hold a non-voting minority stake in SandboxAQ, which has been backed by Nvidia (NVDA.US).