Nickel is a key ingredient in stainless steel and electric-vehicle batteries, and the LME sets benchmark prices for the global industry.
Chinese producers of nickel sulfate — used in EV batteries — stopped offering product due to the lack of price visibility, Susan Zou, an analyst at Rystad Energy in Shanghai, told Bloomberg.
Concerns over potential disruptions to Russian supply combined with a mammoth short bet by Chinese tycoon Xiang Guangda propelled nickel to a 250 per cent gain in two days.
While battery makers use nickel sulfate, stainless steelmakers mainly utilize nickel pig iron, a cheaper product a pioneered in 2007 by Guangda’s Tsinghsan Holding Group Co., Bloomberg noted.
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