Vale: La historia del catalizador de níquel y la transición energética que merece ser seguida en 2026

The energy transition is reshaping global commodity markets, and few metals are as pivotal-or as volatile-as nickel. For Vale, the Brazilian mining giant, its Energy Transition Metals (ETM) segment has become a focal point of both opportunity and risk. While 2025 brought headwinds, including a 9% year-over-year decline in nickel revenue to $1.07 billion, the company's long-term positioning in nickel-coupled with shifting dynamics in Indonesia's production policies-could unlock significant undervalued growth potential in 2026.

A Nickel Segment Under Pressure, But With Strong Fundamentals

Vale's nickel operations, which contributed $1.97 billion in net operating revenues for its ETM segment in Q4 2025, have faced dual challenges: a 12% drop in nickel prices and a 2% decline in sales volumes. These pressures were exacerbated by global oversupply, particularly from Indonesia, which has floated the market with low-cost nickel from mixed-hydroxide-precipitate (MHP) production. Yet Vale's cost structure remains robust. In Q4 2025, its nickel all-in costs averaged $13,881 per ton, well below the $15,445/t realized price in Q3 2025. This margin cushion, combined with ongoing production expansion-such as the VBME project, which adds 45 ktpy of nickel and by-product cobalt- positions Vale to weather near-term volatility.

The company's 2025 production guidance of 160–175 ktpy nickel reflects steady progress, though full-year 2024 output of 159.9 ktpy fell 3% year-over-year. Inventory management strategies, such as reducing sales by 3.9 ktpy in Q3 2025 to preserve supply for future commitments, highlight Vale's proactive approach to navigating a weak pricing environment. However, the real catalyst for growth may lie not in Vale's operational discipline alone, but in the geopolitical and policy shifts reshaping the nickel market.

Indonesia's 2026 Production Cuts: A Double-Edged Sword

Indonesia, which controls roughly 70% of global nickel production, has announced plans to cut output in 2026 to stabilize prices and boost government revenues. This follows a 2025 policy shift that introduced one-year mining quotas, replacing a three-year system that allowed companies to overcommit capacity. While these measures aim to reduce oversupply, they risk creating market confusion. For instance, Vale Indonesia recently halted mining operations due to delays in approving its 2026 output plan, raising concerns about operational continuity. Yet Vale's management has signaled confidence in resolving these issues "in the near future", suggesting the company's scale and regulatory relationships may insulate it from the worst of the policy turbulence.

The potential upside is clear. If Indonesia's production cuts succeed in reducing the projected 2026 global nickel surplus of 288,000 metric tons, prices could rebound. Vale's cost advantage-its $15,420/t full-year 2025 all-in cost versus Indonesia's MHP producers, which often operate at lower margins-would amplify its profitability in a higher-price environment. Moreover, Vale's 2030 production target of 210–250 ktpy aligns with the anticipated market deficit by 2032, positioning it to capitalize on long-term structural demand from the battery and stainless steel industries.

Strategic Flexibility and the Path to Undervalued GrowthVale's strategic flexibility further enhances its appeal. The company is actively reviewing alternatives to improve nickel asset efficiency, including potential partnerships or divestitures. Meanwhile, the ramp-up of the second furnace at Onça Puma mine-adding 15 ktpy to its capacity-and the ongoing expansion of VBME underscore its commitment to organic growth. These projects, combined with Vale's strong balance sheet and low debt levels, provide a solid foundation for capital allocation in a sector where many peers struggle with high leverage and rising costs.

The key risk remains Indonesia's policy reversals. Past attempts to curb production have been undermined by industry pushback, and the surge in MHP production could prolong oversupply despite 2026 cuts. However, Vale's diversified production base-spanning Canada, Brazil, and Indonesia-and its focus on by-product cobalt (a critical component for high-nickel batteries) reduce its exposure to any single market disruption.

Conclusion: A Catalyst-Driven Investment Thesis

Vale's nickel segment is at a crossroads. While 2025's challenges have dampened its immediate financial performance, the interplay of Indonesia's production cuts, Vale's cost discipline, and its long-term expansion plans creates a compelling catalyst for 2026. If the market deficit materializes as projected, Vale's undervalued ETM segment- contributing 19.17% of the company's Q3 2025 revenue-could become a major driver of shareholder value. For investors, the key is to monitor Indonesia's policy execution and Vale's operational progress in 2026. In a sector where volatility is the norm, Vale's strategic agility and cost advantage make it a standout play in the energy transition.