Tesla Inc boss Elon Musk urged miners to produce more nickel, a key ingredient in the batteries that power the company's electric cars, warning the current cost of batteries remained a big hurdle to the company's growth.
While electric vehicles consume a much smaller amount of nickel than traditional industries such as stainless steel makers, EVs are expected to be the quickest growth market for nickel miners.
“He needs nickel, so he hopes nickel prices will go lower and lower,” said a China-based nickel trader. “Prices will not be impacted in the short-term because the market is in surplus.”
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