Reuters: Why Goldman Thinks Nickel is Trading Like a Biotech Start-Up

Jul. 3, 2019

Nickel bulls keep faith that metal’s brightest days around the corner

In late June 2019, Andy Home of Reuters wrote an excellent article discussing the current state of the nickel market and its outlook for the years ahead given the expectedly-large role that EV battery demand will play in shaping economics, plus the potential impact of disruptors like Tsingshan aiming to produce battery-grade nickel from feedstocks once considered too costly to convert.

Among the interesting points emphasized in the article:

  • “Nickel is increasingly a split-personality market, torn between its historical relationship with the stainless steel cycle and the future promise of the battery sector. The former is still dominant, the latter still nebulous.”
  • “Nickel is a key input to lithium-ion batteries and one that will grow over time as battery makers use more of it in their cathode chemistry.”
  • “High-nickel cathodes such as the NCM 811 series, denoting eight parts nickel to one part cobalt and one part manganese, currently account for only 1% of the passenger EV market in terms of GWh deployed, according to Adamas Intelligence.”
  • “However, it is the chemistry showing the fastest rate of growth, up 251% year-on-year in April in the context of 69% overall growth for battery capacity in newly sold passenger vehicles.”

More Info: EV Battery Nickel Monthly

Adamas Intelligence’s EV Battery Nickel Monthly is a subscription-based report for tracking global monthly deployment of battery nickel by EV type, region, country, make, model, cell supplier and battery chemistry on an ongoing basis.

Every report contains a detailed snapshot of the latest monthly market data, plus an additional 12 months of historical data for context and comparison.

All reported monthly data is available to subscribers in Excel format.


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