Just in case people missed it, the initial 40% requirement increases by 10% per year. And currently, the only free-trade countries that supply it are Canada and Australia. 15% of current demand. So technically, nickel prices should skyrocket in the US market as long as EVs keep on gaining traction and this law is upheld.
Hopefully a similar law regarding motors/magnets takes effect. But I suspect that would take longer due to China's monopoly on the overall space and the fact that it takes years to establish mines.
Interesting Nickel Development, page-7
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