Nickel Prices Continue To Rise ...Middle East

When Chinese steel group Tsingshan announced its Indonesian nickel operations would supply matte — a form of the metal used only for stainless steel production — to battery makers back in February, the news undercut the narrative that only refined nickel would be sufficiently high grade for the electric vehicle sector. The price proceeded to crash. Furthermore, the Chinese government’s decision on May 1 to revoke the VAT tax rebate supporting exports of stainless-steel products removed a plank of support for metal exporters in…

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