According to current information, the price of nickel is trading at over $ 100,000 per metric tonne. This price increase includes an increase of about 111 percent. The London Metal Exchange (LME) also stopped trading in non-ferrous metal due to the jet lag. And the increased input costs caused by this price hike are slowing production for electric vehicle manufacturers and making it impossible for consumers to buy electric vehicles.
Russia is currently one of the largest metal producers in the world. It is feared that the new and more severe sanctions against Russia will greatly reduce global metal supplies as the world invades Ukraine without being heard. Anuj Gupta, a senior executive at IIFL Securities, said: “We have seen huge fluctuations in the price of nickel, which has risen by more than 200 per cent so far this year. He said prices are constantly rising due to lack of supply and demand as nickel is essential for the production of EV factories.
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It is also said that buyers are trying to protect their products amid fears of a nickel shortage. Russia is a major producer of nickel and other metals, such as aluminum, palladium and many other EVs. Experts point out that the prices of these products are rising due to international sanctions on Russia and Russia’s restrictions on raw material exports.
Nickel is an important component in lithium-ion batteries used in EVs. The introduction of metal into the cathode of the battery increases the energy density of the batteries, resulting in a higher range for an object. Many OEMs already use batteries. They use cathodes containing about 60% nickel. Notably, 90 percent of Tesla’s batteries supplied by LG Chem contain nickel cathodes.
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