The oversupply in the nickel market forced the world’s biggest miner BHP Group Ltd. to write down the value of key assets.
Key points
- Nickel is a metallic element with a silvery-white, shiny appearance. It is the fifth-most common element on earth and occurs extensively in the earth’s crust and core.
- It has a melting point of 1,453oC, relatively low thermal & electrical conductivities, high resistance to corrosion & oxidation.
- Nickel, along with iron, is also a common element in meteorites. Nickel occurs naturally in soil and water.
- It is also an essential nutrient for plants. Nickel is a metal crucial for the production of stainless steel, alloys, electroplating and the batteries used in electric vehicles.
- Australia and Indonesia hold the world’s largest reserves of Nickel, each with about 21 million tonnes. But China is by far the largest customer, accounting for 35 per cent of the nickel processed worldwide plus about another 15 per cent it processes in Indonesia.
- Nickel is not produced from primary sources in India and the entire demand is met through imports.
