Reported 5 months ago
Global nickel prices have surged following violent unrest in New Caledonia, a major global producer of nickel, which is crucial for electric vehicle batteries, solar panels, and steel production. The protests erupted after French lawmakers approved changes allowing long-term residents to vote in provincial elections, sparking fears among pro-independence Indigenous Kanaks. New Caledonia holds 20-30% of the world's nickel reserves, and disruptions in supplies due to the unrest, combined with sanctions on Russian metals, have driven global nickel prices above $20,000 per ton. This increase in prices, exacerbated by a 45% drop in global nickel prices last year, is impacting consumer goods prices and could lead to broader inflationary pressures.
Source: YAHOO