Table of Contents
The News
Nickel
Uses of Nickel & Possible impact
Russia – the Nickel Giant..!!
- Russia accounts for about 11 per cent of the global supply of nickel ore, and 20 per cent of the world’s top-grade or Class 1 nickel.
- In March 2022, after Western sanctions Russia announced an export ban on more than 200 products.
- Soon after Russian President Vladimir Putin announced the ban (Nickel export was not banned..!!), nickel prices at the London Metal Exchange (LME) more than doubled to about $100,000 per tonne, following which the exchange had to halt the trading of the metal.
- Since then, the prices have calmed down, but they are still far from pre-war levels. As of 1 April 2022, the price was $33,223 per tonne, which is about 36 per cent more than it was on 25 February ($24,361 per tonne).
Nickel prices go haywire..!!
What does the future look like?
What does the future look like?
Russia & Class 1 nickel dominance
Nickel & battery tech
- Nickel was already in use in conventional batteries like Nickel Cobalt Aluminium (NCA) and Nickel Manganese Cobalt (NMC) types.
- Today, most Li-ion batteries now rely on nickel. The use of nickel in lithium-ion batteries lends a higher energy density and more storage capacity to batteries.
- This improved energy density and storage capacity means that electric vehicles can get more miles out of a single charge occupying lesser space.
Russian Class 1 Nickel in demand
- Russia’s Norilsk Nickel currently produces 17 per cent of the world’s Class 1 nickel.
- The nickel production for the battery supply chain in Indonesia just started in 2021 and shall not replace Russian supply so soon.
The News
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