HPAL is the process used to recover nickel...from low-grade, Class II nickel into Class I material that suits lithium-ion batteries for electronic goods, electric vehicles (EV) and energy storage systems...Chinese companies have been ahead of the investment in a number of new HPAL facilities that are under construction, especially in Indonesia. "The health of the Class I nickel market will be reliant...therefore, on the success of HPAL projects coming online in Indonesia and Australia over the next few years," says StoneX's senior metals analyst.