Speaking to Fastmarkets on Friday November 26, ahead of Nornickel’s Capital Markets Day on November 29, Berlin said there will be significant growth in demand for nickel to be used in batteries in the coming years.
“Batteries is the fastest growing sector [for demand] across the metals space. We don’t see batteries surpassing stainless [steel], but it will be second place in the next two years,” Berlin said.
The battery industry currently represents 7%, or 250,000 tonnes, of nickel demand annually, according to the Nickel Institute, and Berlin expects this figure to grow to between 400,000 and 600,000 tonnes by 2025 and that it could go even higher as the battery industry evolves.
“There are still many moving parts in this equation,” he said. “We know that the industry will grow [significantly] but we do not know [by how much].”