The trigger for the ferocious sell-off was an announcement by China’s Tsingshan Holding Group that it had signed deals to deliver nickel matte to two Chinese battery materials suppliers.
Tsingshan has rapidly emerged as one of the world’s largest nickel producers, its Indonesian mines pumping nickel pig iron (NPI) into a local stainless steel plant the company brought online in 2017.
NICKEL’S GROWING USAGE IN LITHIUM-ION BATTERIES AND THE ACCELERATED ROLL-OUT OF ELECTRIC VEHICLES ARE NOT IN DOUBT
It is a self-proclaimed disruptor of the stainless steel market and it’s now disrupting nickel’s bullish electric vehicle narrative. Read more…..
Chart of the Day
Buffett became a billionaire on paper when Berkshire Hathaway began selling class A shares on May 29, 1990, when the market closed at $7,175 a share.