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Use of nickel in batteries to grow strongly beyond 2020
➔ Nickel to benefit from strong electric vehicle
growth and increased nickel use per battery. Use of nickel in batteries set to grow strongly
➔ Amount of nickel per car could on average 1,200
grow from 20kg up to 40–50kg by 2025-30, 1,000
but that depends on uptake of NCM
811…and LFP. 800
➔ Our base case: 2025: 510kt Ni; 2030: 1mt Ni '000t Ni 600
➔ 2020 demand recovering in 2H and could now
400
be flat YoY: we have raised our demand
profile out to 2025 as a result of new EV 200
policies
0
➔ There is a role for all battery technologies,
particularly LFP and Hydrogen fuel cell – Base High Low
their growth in not necessarily bad for
nickel Massive forecast uncertainty
Source: CRU, Macquarie Commodities Strategy, October 2020
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