Originally published by City A.M.
Demand for Nickel has boomed over the last decade as car companies scramble to secure supplies to make batteries for their new ranges of electric vehicles.
At the start of this year, concerns about supply shortages following Russia’s invasion of Ukraine – where Russia delivers nine per cent of the world’s nickel supply – pushed the price of the metal even higher.
Prices hit record highs of $100,000 per ton on the morning of March 8 – driven by a failed short attempt by Chinese billionaire and Tsingshan Holdings owner Xiang Guangda.