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Electric vehicles push nickel into the limelight

The market for nickel in batteries was just over 100,000 tonnes in 2018, only 4% of demand, compared with 70% of demand from the stainless-steel market. However, consensus forecasts are for this market to grow to more than 500,000 tonnes per annum by 2025 and over 1 million tonnes per annum by 2030.

Electric vehicles push nickel into the limelight Electric vehicles push nickel into the limelight Electric vehicles push nickel into the limelight Electric vehicles push nickel into the limelight Electric vehicles push nickel into the limelight

Jim Lennon, senior commodities strategist at Macquarie Group

The market has been puzzled by the removal from LME warehouses in Asia of more than 100,000t of nickel briquettes, reportedly by a major physical market player, seemingly built as a speculative play.