China’s nickel consumption for electric vehicle jumps by 253%
It was reported that China’s nickel consumption for electric car will increase 253% annually compared with the same period of last year and China also become the biggest the market for electric vehicle battery nickel.
In January, the top five vehicle battery nickel market are China, the United States, Japan, Germany and France as the growth rate are 253%, 54%, 21%, 88% and 54% respectively.
Within all of basic metal nickel with the best performance in this year, there are 20% increase till now, Alexa Capital cofounder Gerard Reid said that copper and lithium will be the winner of metal market because the boost of electric vehicle. Nickle will be favored for a short term, on other hand, cobalt will be favored in a short term because of the high price will make the manufacture to find another substitute material.
Reid said within 5 years, cobalt will be in a good way but after that cobalt will be replaced by nickel.
