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02/01/20
23:58
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The value of nickel beyond 2019
- Nickel prices saw a major spike in September last year, coinciding with the rise of electric vehicle sales and Indonesia's announced export ban
- The price of the metal reached a five-year high, making it worth over $26,000 per tonne
- This big price hike didn't last, however, as it became apparent the fallout from Indonesia's ban isn't as extreme and initially thought
- Despite this, nickel is forecast to grow in value not just during 2020 but over the next 10 years
- Australia is currently the world's sixth-largest miner of nickel, and the nation's exports contribute over $3 billion to the Australian economy
- Australia's nickel exports are expected to reach a value of $4.7 billion as early as this year
- Analysts say next year nickel's use in creating electric vehicle batteries will be the main driver of growth
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