The majority of nickel usage, around 70%, goes into stainless steel production, however this is expected to change dramatically over the next decade, as the need for nickel in EV batteries ramps up.
According to CRU, current global primary nickel demand was approximately 2.2 million tonnes per annum for 2018 and is expected to grow to 2.8 million tonnes by 2023. Mined nickel production in 2020 was only 2.5 million tonnes, meaning if the market doesn’t see an annual supply increase of at least 300,000 tonnes in the next two years, it will slip into deficit. (Remember, the market not only has to supply enough nickel to meet stainless steel demand, but the 7-fold increase in demand from EV batteries)
https://aheadoftheherd.com/electrification-and-decarbonization-wont-happen-without-these-4-metals/
The article also goes into the chemistry required for lithium batteries and the demand anticipated for the 4 primary metals required.
The majority of nickel usage, around 70%, goes into stainless...
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