Nickel market volatility hits China's battery industry
Nickel prices hit an unprecedented $101,365/mt in early trading on March 8 following a historic short squeeze on pure nickel and have been volatile ever since.
China, the world's largest consumer of nickel, has seen trading activity for nickel sulfate, an important component of nickel-cobalt-manganese (NCM) batteries, fall to an all-time low. This comes at a time the China is witnessing booming domestic demand for electric vehicles.
S&P Global Commodity Insights' Clement Choo, Lucy Tang and Jesline Tang discuss what the nickel price volatility could mean for battery chemistries and pricing moving forward.
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