CLQ: A Multibagger in the Making [2019 Bull Run], page-329

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A tale of two nickels

The level of demand for nickel from the battery industry stands in the shadow of the much larger stainless steel market, however EV batteries may pose a greater supply challenge to the global nickel industry. The majority of the world’s nickel production is in the type preferred by the steel manufacturing industry: ferronickel, also known as nickel pig iron (NPI), which is not suitable for making EV battery cathodes. For that, manufacturers need battery-grade nickel sulfate, a nickel product derived from high-grade nickel sulfide deposits. Only about 10 percent of global nickel production is nickel sulfate. While it is possible to convert NPI to battery-grade nickel, the process is not at all economically viable.