Ni demand for EV batteries etc. is increasing, as cobalt is becoming too expensive. Cobalt is starting to become, generally, eliminated in many, or most, EV batteries.Western countries also are seeking "critical metals security"- & wish to wean themselves off China's domination of cobalt mining, & refining.This bodes well for BSX.R. Singhi, 1.4.23, said"Shifting Toward Cobalt-Free High Nickel Content Li-ion Batteries
Currently, most EVs are equipped with lithium-ion batteries in which nickel is a critical ingredient. Older lithium-ion batteries used cathodes that had just around 33% of nickel. Lithium-ion batteries were then heavily dependent on cobalt cathodes.
While cobalt provides remarkable energy density, it’s extremely pricey. In an effort to bring down costs and make EVs more affordable, automakers started to reduce their reliance on the metal. Most automakers now opt for cobalt-free lithium-ion batteries. Doing away with cobalt has not just made batteries cheaper but also reduced China's controlling influence on the metal.
Nickel has now REPLACED cobalt. Nickel-rich batteries are now preferred for their high energy density and longer range. Automakers are increasing nickel content in cathodes to boost the batteries’ energy density and vehicle range. Most cathodes now contain at least 60% nickel.
EVs Creating a Frenzy for Nickel
...The global EV market is projected to grow from around 8 million units in 2022 to approximately 40 million units by 2030, at a CAGR of around 22% in the 2022-2030 timeframe, according to a report by MarketsandMarkets.
...Per Fastmarkets, demand for nickel in EV batteries accounts for around 10% of the total demand but that is set to witness massive growth. Fastmarkets estimates demand for nickel from the battery industry to increase from the 2022 level of around 280,000 tonnes worldwide to 314,000 tonnes in 2023 and 1,389,985 tonnes by 2030 (Five-fold Ni demand increase, cf 2022. My words in brackets, & emphases). Statista projects global nickel demand for nickel in EV batteries to grow tenfold from 60,000 metric tons in 2018 to some 665,000 tons worldwide by 2025".
https://au.sports.yahoo.com/sports/auto-biggies-gear-secure-nickel-134101957.html
