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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":676,"relatedVideos":677},112472082189247,"e0ac912a-5bb3-4a0c-8879-7a77a79969b1","Nickel’s volatile year – 2022 in review","nickels-volatile-year-2022-in-review","article/nickels-volatile-year-2022-in-review",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":656,"featured":51,"reporter":657,"_editable":661,"component":662,"seo_title":543,"categories":663,"visibility":669,"author_company":49,"featured_image":670,"seo_description":656,"author_full_name":49,"author_job_title":49,"formattedDate":674,"formattedArticleDate":675},"2e0dc3fd-ec9e-4e2a-86ca-c3bd632c5454","2022-12-16 00:00",[550],{"slug":551,"name":552},"nickel-prices","Nickel prices",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"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":564,"content":565},"doc",[566,573,578,583,592,599,604,609,614,619,624,629,634,643,648],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"The nickel market navigated a stormy year in 2022, as an unprecedented short squeeze in the first quarter resulted in a 250% surge in prices for the metal on the London Metal Exchange in the space of twenty-four hours.","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Early in the year, nickel prices were on the rise as demand in most nickel consuming sectors continued to recover from widespread Covid-19 disruptions two years earlier, whilst bullish sentiment in the lithium ion battery industry helped to drive price increases for nickel sulphate and nickel mixed hydroxide precipitate (MHP). ",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":572},"However, the nickel market was rocked in late-February as Russia invaded Ukraine. Fears over potential sanctions on Russian nickel created anxiety over the availability of class 1 material, causing prices on the LME to increase at unprecedented pace in late February and early March.",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586,588,590],{"text":587,"type":572},"Just over a week later a short squeeze on LME nickel began, briefly driving prices to over $100,000/tonne from just over $23,000/tonne a month earlier. Subsequently, nickel trading on the LME was suspended and trades executed on March 8",{"text":589,"type":572},"th",{"text":591,"type":572}," were cancelled. The LME nickel benchmark was then brought back to the previous close and trading resumed almost two weeks later.",{"type":593,"attrs":594,"content":596},"heading",{"level":595,"textAlign":49},4,[597],{"text":598,"type":572},"State of paralysis ",{"type":567,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":572},"The nickel market then entered a state of paralysis, with limited material being traded given concerns over further price volatility and distrust of the LME. This was compounded in April by the start of widespread Covid-19 lockdowns in China, limiting demand from the battery sector as mid-stream production ground to a halt.",{"type":567,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":572},"As such, battery grade nickel prices began to retreat in the second quarter amidst limited demand and continued to do so month on month through to August. Although Chinese Covid-19 lockdowns ended in early-June, and mid-stream production began to increase, demand for battery grade nickel remained tepid in June and July, as consumers worked through existing inventories accumulated earlier in 2022.",{"type":593,"attrs":610,"content":611},{"level":595,"textAlign":49},[612],{"text":613,"type":572},"EV demand begins to pick up ",{"type":567,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":572},"In the third quarter, demand from the electric vehicle sector began to pick up as inventories were worked through and restocking began. Robust demand continued throughout the quarter and into the fourth quarter, causing sulphate prices to rise steadily, whilst higher payables and the rising underlying LME nickel prices helped to drive MHP pricing in dollar terms.",{"type":593,"attrs":620,"content":621},{"level":595,"textAlign":49},[622],{"text":623,"type":572},"All quiet before the Chinese New Year",{"type":567,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":572},"However, heading towards the end of the year, spot demand for nickel from the EV industry is set to decrease as mid-stream producers avoid restocking in the lead up to Chinese New Year in late-January 2023. Market participants will look to avoid holding significant stock over the Chinese New Year, especially sulphate which has a relatively short shelf life. As such, there is likely to be more aggressive sell offers due to destocking, causing downward pressure on prices towards year end.",{"type":567,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":572},"On the supply-side of the industry, the primary driver of growth was huge investment into Indonesian nickel processing projects throughout the year, including two projects anticipated to produce at least 120,000 tonnes of nickel contained in MHP at nameplate capacity and two more at 60,00 tonnes.",{"type":567,"attrs":635,"content":636},{"textAlign":49},[637],{"type":638,"attrs":639},"image",{"id":49,"alt":640,"src":641,"title":49,"source":49,"copyright":49,"meta_data":642},"","https://a.storyblok.com/f/287943243085208/83ef06ead2/bm-indonesias-refined-nickel-production-surge.png",{},{"type":567,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":572},"The supply growth was crucial in feeding growing demand from the lithium ion battery industry. Monthly Chinese EV battery production alone increased by 24.3 GWh on average in 2022, a 132.7% increase. Meanwhile the shift towards high-nickel cathode technology continued, further increasing nickel consumption in the battery sector.",{"type":567,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":572,"marks":653},"Cameron Hughes is an analyst at Benchmark.",[654],{"type":655},"italic","The nickel market navigated a stormy year in 2022, as an unprecedented short squeeze in the first quarter resulted in a 250% surge in prices for the metal on the London Metal Exchange in the space of twenty-four hours. Early in the year, nickel prices were on the rise as demand in most nickel consuming […]",[658],{"slug":555,"name":556,"content":659},{"job_title":558,"image":660,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2e0dc3fd-ec9e-4e2a-86ca-c3bd632c5454\", \"id\": \"\"}-->","article",[664,667],{"slug":665,"name":666},"critical-minerals","Critical Minerals",{"slug":668,"name":150},"nickel","private",{"id":49,"alt":640,"name":640,"focus":640,"title":640,"source":640,"filename":671,"copyright":640,"fieldtype":672,"meta_data":673,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c9d862bd7/bm-nickel-smelter-indonesia.jpg","asset",{"alt":640,"title":640,"source":640,"copyright":640},"Dec 16, 2022","16th December 2022",[],[],1781882627712]