Nickel is essential for batteries and stainless steel but suppliers are struggling to meet demand.
as buyers search for non-Russian sources of the metal. Although there are questions over how sustainable this new production will be.Nickel mines outside Russia, like this one in Guatemala, are in demand
Other companies are also taking this approach, with Redwood Materials in the US already acquiring disused batteries from between 60-80,000 electric vehicles every year. But general confidence in the nickel market is yet to return after a difficult episode in March, when nickel's price on the London Metal Exchange spiked by 250% before falling again. That prompted the LME's operators to suspend trading of nickel for about a week - a more or less unprecedented move.
The price shock happened partly because a Chinese firm, Tsingshan Holding Group, had built up a large "short position" in the market - in other words, arranging contracts that bet the price of nickel would fall. When it didn't, the firm was forced to buy back those contracts, or commit to supplying the nickel. Taking either option would result in a huge loss.
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