Nickel rally stalls, electric car boost some years away

A recognition that electric vehicles (EVs) are unlikely to move the nickel demand dial for some years, slowing demand from China's stainless steel mills and rising supplies have halted a frenzied price rally and are likely to keep weighing on prices. Benchmark nickel on the London Metal Exchange soared by 50% from mid-June to a two-year peak of $13 030 a tonne on Nov. 1, based largely on expectations of strong demand to make the rechargeable batteries used to power EVs.