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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":731,"relatedVideos":732},112472926846518,"a8da0683-048c-4f19-960b-8f3c28e512d0","Nickel price surges by 60% as Russia’s invasion deals further blow to battery costs","nickel-price-surges-by-60-as-russias-invasion-deals-further-blow-to-battery-costs","article/nickel-price-surges-by-60-as-russias-invasion-deals-further-blow-to-battery-costs",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":710,"featured":50,"reporter":711,"_editable":715,"component":716,"seo_title":543,"categories":717,"visibility":723,"author_company":49,"featured_image":724,"seo_description":710,"author_full_name":49,"author_job_title":49,"formattedDate":729,"formattedArticleDate":730},"511a3445-193f-4719-bc43-12f29e7bc8c4","2022-03-07 00:00",[550,553,556,559],{"slug":551,"name":552},"lme","LME",{"slug":554,"name":555},"nickel-prices","Nickel prices",{"slug":557,"name":558},"norilsk","Norilsk",{"slug":560,"name":561},"russia","Russia",[563],{"slug":564,"name":565,"content":566},"didi-bostock","Didi Bostock",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Editor - Energy Transition & Economics",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":573,"content":574},"doc",[575,592,605,610,615,622,627,632,637,642,647,652,657,662,667,672,685,690,695,700,705],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579,582,590],{"text":580,"type":581},"Nickel prices surged by a record 60% on Monday as fears deepened that buyers will avoid Russian metal following the country’s invasion of Ukraine, in a dramatic move that could further increase the ","text",{"text":583,"type":581,"marks":584},"cost",[585],{"type":586,"attrs":587},"link",{"href":588,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/russian-invasion-risks-raising-costs-for-europes-auto-industry","url",{"text":591,"type":581}," of electric vehicle batteries.",{"type":576,"attrs":593,"content":594},{"textAlign":49},[595,597,603],{"text":596,"type":581},"Nickel traded on the London Metal Exchange closed at $48,078 a tonne, its highest level in fifteen years, as Russia’s invasion entered its 12th day. That’s likely to translate into higher prices for ",{"text":598,"type":581,"marks":599},"nickel sulphate",[600],{"type":586,"attrs":601},{"href":602,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/indonesia-set-for-five-fold-increase-in-battery-nickel-supply",{"text":604,"type":581},", the form of the metal used in batteries, according to Benchmark.",{"type":576,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":581},"Nickel sulphate prices have risen by 44% this year, according to Benchmark’s February Nickel Price Assessment, with premiums over the LME price trading at around $2,025 to $2,700 a tonne.",{"type":576,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":581},"Russia is a key producer of class 1 nickel metal, accounting for roughly 20% of global supply, most of it from Norilsk Nickel. While Russian nickel is primarily in the form of cathode, which doesn’t lend itself to direct use in the battery industry, the threat of possible sanctions is having a knock-on effect on the market.",{"type":616,"attrs":617,"content":619},"heading",{"level":618,"textAlign":49},4,[620],{"text":621,"type":581},"Russian nickel for European EVs",{"type":576,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":581},"Russian nickel was set to be a key source of metal for the European battery supply chain. Germany’s BASF, which is building a precursor plant in Finland next to Nornickel’s refinery, has a long-term supply agreement for cobalt and nickel from the company.",{"type":576,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":581},"The precursor material will be sent to Germany to be made into battery cathodes at a newly built cathode plant, which is set to start production this year. Last month BASF said that its initial 24,000 tonnes of cathode capacity had already been “fully contracted to strategic customers.”",{"type":576,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":581},"“Effective immediately, BASF will only conduct business in Russia and Belarus to fulfil its existing commitments in line with applicable laws, regulations and international rules,” a spokesperson for BASF said on Monday. “New business opportunities in Russia and Belarus will not be pursued, the sole exception being related to food production in the context of humanitarian efforts.”",{"type":576,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":581},"“BASF will evaluate these decisions and other matters related to this evolving situation on an ongoing basis,” it added.",{"type":576,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":581},"Just after Russia’s invasion last month, Dr Martin Brudermüller, BASF’s chief executive, said the company had a “long-standing” relationship with Norilsk Nickel. The company was unlikely to be sanctioned, he said.",{"type":616,"attrs":648,"content":649},{"level":618,"textAlign":49},[650],{"text":651,"type":581},"Norilsk Nickel was “one of the very strong, if not the only significant European nickel and cobalt suppliers,” BASF’s CEO said.",{"type":576,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":581},"Norilsk Nickel was “one of the very strong, if not the only significant European nickel and cobalt suppliers,” he said.",{"type":576,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":581},"If something were to happen with Norilsk, BASF would “have to reshuffle and use the network globally which we have established fo the raw materials,” he said.",{"type":576,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":581},"BASF has a battery materials joint venture with Chinese cathode maker Shanshan, as well as a deal with Eramet to look for nickel in Indonesia.",{"type":616,"attrs":668,"content":669},{"level":618,"textAlign":49},[670],{"text":671,"type":581},"Rising battery material prices",{"type":576,"attrs":673,"content":674},{"textAlign":49},[675,677,683],{"text":676,"type":581},"The nickel price rise comes amid already record high lithium prices, and as cobalt trades at its highest level in three years. That’s likely to ",{"text":678,"type":581,"marks":679},"increase the costs of battery cells this year",[680],{"type":586,"attrs":681},{"href":682,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/lithium-ion-battery-prices-rise-for-first-time-in-gigafactory-era-automakers-in-negotiations",{"text":684,"type":581},", reversing decades of cost declines in the industry.",{"type":576,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":581},"Benchmark’s Cathode Price Index, based on a NCM 523 battery cell, has already more than doubled over the past year.",{"type":576,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":581},"Nickel is a key raw material for more powerful nickel cobalt manganese (NCM) batteries used in electric vehicles. Benchmark expects NCM cathodes to make up the majority of the market by 2025, due to the production of longer range vehicles in Europe and the US.",{"type":576,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":581},"While nickel sulphate buyers are currently consuming from inventories, accumulated during the second half of 2021, that’s likely to change in the near future as stock levels diminish, pushing up prices, according to Benchmark.",{"type":576,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":581},"“Benchmark expects further upward momentum for sulphate prices in March,” Greg Miller, an analyst at Benchmark, said. “Which should see increased restocking activity from precursor operations on lower inventories and supportive price pressure stemming from supply concerns related to the Ukraine-Russia conflict.”",{"type":576,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":581},"“Many consumers in the west will either be unable or highly reluctant to accept Russian nickel into their supply chains,” Miller added. “Benchmark expects that the majority of Russian nickel will make its way into China in the near term, strengthening ties between the two countries.”","Nickel prices surged by a record 60% on Monday as fears deepened that buyers will avoid Russian metal following the country’s invasion of Ukraine, in a dramatic move that could further increase the cost of electric vehicle batteries. Nickel traded on the London Metal Exchange closed at $48,078 a tonne, its highest level in fifteen […]",[712],{"slug":564,"name":565,"content":713},{"job_title":567,"image":714,"bio":570,"linkedin":571},{"filename":569},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"511a3445-193f-4719-bc43-12f29e7bc8c4\", \"id\": \"\"}-->","article",[718,721],{"slug":719,"name":720},"critical-minerals","Critical Minerals",{"slug":722,"name":150},"nickel","private",{"id":49,"alt":725,"name":725,"focus":725,"title":725,"source":725,"filename":726,"copyright":725,"fieldtype":727,"meta_data":728,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/438556f3be/bm-norilsk-1.jpg","asset",{"alt":725,"title":725,"source":725,"copyright":725},"Mar 07, 2022","7th March 2022",[],[],1780670083979]