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Nickel Market

Nickel: Essential To The Modern World

Essential To Stainless Steel Alloys

Nickel enhances stainless steels corrosion resistance, high-temperature performance, and strength, enabling its use in demanding applications.

Essential To Energy

Nickel's high energy density and electrical conductivity make it an essential component in electric vehicle batteries and renewable energy infrastructure

Nickel: In Demand

Nickel is essential for construction because of the strength, durability, corrosion resistance, resilience, safety, and aesthetics of stainless steel.

“Overall mineral demand from electric vehicles in the SDS grows by nearly 30 times between 2020 and 2040, with demand for lithium and nickel growing by around 40 times”
- International Energy Agency 2021

Nickel Powers High-performance
EV Batteries

NMC (Nickel Manganese Cobalt) and NMA (Nickel Manganese Aluminum) are two leading cathode chemistries that leverage nickel to enhance EV battery performance:

  • Increased Range: Nickel enables lighter, compact batteries with extended driving ranges
  • Faster Charging: High-nickel chemistries support faster charging capabilities
  • Reduced Cobalt: Nickel-rich compositions minimize the use of expensive and ethically challenging mineral1
  • Beyond Lithium-Ion: Nickel cathodes show promise for use in next-generation battery technologies like zinc-air and sodium batteries2
  • Nickel Solid-State Batteries: NToyota's revolutionary 1,200km range, 10-minute charging NiMH (Nickel Metal Hydride) battery, could accelerate EV performance and adoption3
  1. https://www.anl.gov/article/cathode-innovation-makes-sodiumion-battery-an-attractive-option-for-electric-vehicles
  2. https://www.sciencedirect.com/science/article/abs/pii/S246860692100188X
  3. https://media.toyota.co.uk/toyota-sets-out-advanced-battery-technology-roadmap/
  4. https://nickelinstitute.org/media/8d926a9b562cbb4/2021-review-ni_energizing-batteries-v3.pdf

Nickel: Clean Energy Technology To Supercharge Demand

“Mineral demand for storage in the SDS grows by over 30 times between 2020 and 2040, with demand for nickel and cobalt growing by 140 times and 70 times respectively”- International Energy Agency 2021

  1. https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions/mineral-requirements-for-clean-energy-transitions

Nickel: The Strategic Mineral

USA mines less than 1% of global nickel annyally, while NATO allies mine less than 10%. The USA is taking action to reduce nickel supply chain dependence on China & Indonesia:

  • Feb. 2022: Nickel added as a critical mineral by US Federal Government1
  • Dec. 2023: US bans battery components manufactured by foreign entities of concern from financial credits2
  • Apr. 2024: US & UK governments ban imports of Russian nickel3
  • May 2024: US passes a bill imposing new tariffs on Chinese electric vehicles, batteries, and solar cells4

The Energy Act of 2020 defines a “critical mineral” as a non-fuel mineral or mineral material essential to the economic or national security of the U.S. and which has a supply chain vulnerable to disruption.5

  1. https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals
  2. https://home.treasury.gov/news/press-releases/jy1939
  3. https://home.treasury.gov/news/press-releases/jy2249
  4. https://apnews.com/article/biden-china-tariffs-electric-vehicles-solar-254546e92f823a78220c195a0a42a10e
  5. https://crsreports.congress.gov/product/pdf/R/R47982/1

Nickel: Vulnerable Supply Chain

NATO countries are currently dependent on Indonesia for supply and China for processing:

Indonesia controls 50% of global nickel mining1
China controls 80% of global processing for nickel sulphide2
China controls 84% of the Indonesian nickel market through investment3

IRA ELECTRIC VEHICLE TAX CREDIT RULES:

US Government Pressures Automakers:4

  • Beginning in 2025, an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by a foreign entity of concern
Year Battery Rqmt Critical Mineral Rqmt
2024 60% 50%
2025 60% 60%
2026 70% 70%
2027 80% 80%
2028 90% 80%
2029+ 100% 80%
  1. https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-nickel.pdf
  2. https://www.bnnbloomberg.ca/us-philippines-eye-partnership-to-cut-china-s-nickel-dominance-1.2067311
  3. https://media.defense.gov/2024/mar/11/2003410998/-1/-1/1/view%20-%20wischer%20&%20bazilian.pdf
  4. https://home.treasury.gov/news/press-releases/jy1939
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