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The electric vehicle (EV) story is as much about nickel as it is lithium, and some would argue even more so.
Nickel sulphate powder—produced from nickel sulfide ore—is a critical ingredient in the cathode formulation for lithium-ion batteries, and analysts expect to see a boom in demand as global automakers transition away from internal combustion engines and into producing EVs. Saad Rahim, chief economist at Trafigura, has forecasted a demand increase of 50 percent to 3 million tonnes of nickel sulphate by 2030.
However, more than half of global nickel production is ferronickel (nickel pig iron or NPI) for Stainless steel fabrication.
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