Nickel jumps 70%, breaks 35-year record; know what is firing up the prices

Nickel prices have jumped 70 percent and broken a 35-year record, thanks to the ongoing Russia-Ukraine conflict. Zee Business Research Analyst Ashish Chaturvedi brings a detailed research.  

Chaturvedi, in his report said that the current surge of almost of 70 percent in Nickel because of the Russia-Ukraine conflict. It is trading at highs not seen in 35 years, he further said. Therefore, it is believed that a decline may be seen in the supply as well, he said.

There is another reason behind this rapidity as the stock of nickel has also decreased by 70-75 percent. He said that around 70 percent of the world's nickel is used to make stainless steel. Adding to that, 7 percent is used in lithium-ion batteries used in electronic vehicles (EV), and its usage is increasing continuously. And the special thing about the Russian nickel is that it is world class nickel that is used for EV batteries.

The research analyst said that this boom has had a negative impact on steel companies as 70 percent of the world's nickel is used to make stainless steel. But this will have a mild effect on Jindal Stainless Limited and Jindal Stainless (Hisar) because they use 70 percent-80 percent recycled nickel.

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