The Chinese market for EV battery nickel increased 253 percent in January 2019 compared to January 2018, according to a report from research firm Adamas Intelligence. China is now the largest market for battery nickel in passenger EVs.
The growth is being driven by a shift from Lithium Iron Phosphate (LFP) to Nickel Cobalt Manganese Oxide (NCM) 523/622 cathodes. In January 2018, Japan and the U.S. were first and second in the EV battery nickel market. The U.S. has since passed Japan and is now second to China.
Source: Adamas Intelligence