SHANGHAI, Apr 12 (SMM) – The ratio of nickel used in electric car batteries is expected to rise to 11% by 2022, from just under 4% in 2016, according to Zhao Yingxiang, analyst at Macquarie.
She added that the nickel supply-demand landscape would change dramatically if the ratio hit 15% by 2025, she said at the SMM CoLiNi Summit in Quzhou, Zhejiang on Thursday April 12.
Nickel prices have climbed from $8,000/mt in 2016 to a high of $14,150/mt, supported by short supply and increasing demand over the past two years. Nickel ore export policies in the Philippines and Indonesia have been the main driver.
If prices continue to stay above $13,000/mt, supply may increase with project restarts or more investment, Zhao said.
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