Nickel is really two markets: class 1 (the high-purity stuff batteries want) and class 2 (ferronickel, NPI, the stainless feed). Indonesia's laterite-and-HPAL build-out, much of it China-backed, has reshaped the whole cost curve and torched a lot of Western producers' economics.
A wall of Indonesian laterite and HPAL capacity, much of it China-backed, has flattened the cost curve and left a graveyard of Western nickel producers. Pretending class 1 and class 2 are the same metal is how you misread the whole thing.