Electric vehicle sales drive up nickel, cobalt and lithium prices:
LONDON — Accelerating sales of electric vehicles have fueled a scramble for nickel, cobalt and lithium, propelling prices of the battery materials to multi-year highs.
More pertinent are stocks of bagged briquette, easily crushed into small particles and dissolved in sulphuric acid to make nickel sulphate for batteries, at 65,676 tonnes down 67% since last April. Mitchell expects batteries' share of nickel demand to rise to 13% this year."We are looking at higher average prices this year."
"Chinese imports of cobalt hydroxide only increased 2.5% to 82,100 tonnes last year from 2020, meaning domestic stocks were drawn down considerably," said Benchmark Mineral Intelligence analyst Caspar Rawles. Lithium carbonate is used for lithium iron phosphate batteries. Sales of electric vehicles which use these batteries have accelerated in China.
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