Nickel: China syndrome
WHILE 68pc of global nickel is still used for the production of stainless steel, and only 3pc for battery metals, an announcement by the Chinese government may have changed the fortune of the metal, along with the future of the automotive industry forever. In 2018, China sent ripples throughout the car manufacturing and mining worlds when it announced its New Energy Vehicle (NEV) deal. The deal set a quota for the number of zero-emissions vehicles that carmakers must sell, with companies each receiving a certain number of credits, depending on certain characteristics of the vehicles. From 2019, major Chinese manufacturers would be punished unless they met quotas for zero and low-emission cars, or bought credits from companies that did not…