A situation report from our strategic commodities series notes S&P Global research from 2020 warning of rising nickel prices as global demand outstrips supply.

Recent market moves are seemingly validating the prediction.

Nickel prices are up over 20% on the London Metals Exchange (LME) this year, recovering from an earlier collapse where prices cratered 17% in February on news that Chinese nickel giant Tsingshan was looking to convert its nickel pig iron into high-grade battery nickel.