Nickel is an essential component in electric vehicle (EV) batteries, solar panels and alloys for the aerospace industry. Nickel demand for EVs is projected to grow about 40 times by 2040, according to the International Energy Agency. However, those uses represent a small proportion of the total nickel produced globally.
Battery-grade nickel has a purity level of 99.99%. Class 2, with 1.5% to 55% nickel purity, is mostly used for stainless steel and largely produced by Indonesia, whose China-backed projects have increased input at lower costs than competitors. The Northern Miner tracks the production break down of the two classes and the top uses of Class 1 nickel.
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