Nickel prices fell more than 8% during trading on Thursday to $ 15.945 per tonne amid easing fears of a shortage of the metal. This is the largest decline since December 2016, according to Trading Economics.
China's Tsingshan Holding Group, a nickel and stainless steel producer, announced that it will provide Huayou Cobalt with 60,000 tonnes of nickel matte used to make batteries and an additional 40,000 tonnes of CNGR during the year starting in October 2021. .
Nickel futures contacts have soared in price by more than 80% since March last year and reached a 6.5-year record at the end of February - 19.661 thousand dollars per tonne. Market growth was driven by forecasts of strong growth in sales of electric vehicles with nickel batteries.
Currently, 8% of the demand for refined nickel is accounted for by battery manufacturers, but this figure may reach 32% by 2040, according to the CRU forecast.