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Nickel Prices Zoom on Promise of Future EV Demand
The prospect of a massive shift to electric cars is fueling a surge in the price of nickel used to make the batteries that power them.
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The prospect of a massive shift to electric cars is fueling a surge in the price of nickel used to make the batteries that power them.
Prices have climbed 25% so far this year—including a 9% jump in the past two days—to a two-year high of about $12,800 per metric ton, Bloomberg News reports.
Analysts expect traders will continue to drive up the price because nickel sulfate is a critical ingredient in lithium-ion batteries, the present storage system of choice for EVs and plug-in hybrid powertrains.
No one expects a sudden spike in demand for EV batteries anytime soon. But with virtually every major carmaker declaring plans for new EVs and plug-in hybrids, forecasters expect nickel consumption will begin to surge by about 2020. Bloomberg predicts EVs will account for more than half of new-car sales worldwide by 2040.
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