Nickel is important. Currently, this is largely because it is a key component in stainless steel—a commodity that forms thefoundations of substantial parts of the global economy. There is a second, growing usage for nickel, however, that isshifting the way producers and consumers look at the nickel market: batteries—particularly for electric vehicles.The difference between the two uses is quality. Not all nickel is created equal, and while stainless steel production canutilize both high-quality Class 1 nickel and lower-quality Class 2 nickel, batteries do not have that luxury. High-purity Class1 nickel is a requirement for good rechargeable batteries. This is somewhat of a potential problem, given that much ofnickel production’s capacity expansion over the past fifteen years has been for Class 2, and a substantial amount ofcurrently-expected new capacity—from currently-defined reserves—will likely also be Class 2.
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