Nickel Prices Expected to Drop Further in 2024 [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
Following a lengthy period of de-stocking last year, these are just some of the questions with implications for the global nickel price. As the world moves toward cleaner energy sources, certain minerals and metals are now deemed “critical” to the transition. As a key ingredient in electric vehicle (EV) batteries, nickel is one of several elements under the spotlight. On average, most studies project a 60% surge in the demand for battery metals over the next twenty years. Meanwhile, anticipated data forecasts that the global primary nickel market will sustain a surplus from 2023 to 2027, culminating in a projected surplus of 27,000 metric tons by the end of 2027. Analysts say much of this shift stems from China's expanding refining capacity. According to experts, the significant increase in supply projected for 2024, driven by heightened production in Indonesia and China, will primarily result in price reductions. As China's domestic refining capacity grows, the nickel market co
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