Making an American nickel — a coin only partly made of the element that provides its name — costs more than a nickel, according to the US Mint. Yet the cost of the metal itself has slumped in recent years. The LME cash price of just over $15,000 a tonne is about a third of its 2022 peaks.
This bodes ill for efforts to diversify global supply in what is considered, at least in the US, a critical metal. Nickel is used in defence and aerospace as well as electric vehicle batteries. US concerns about Indonesia’s stranglehold has prompted efforts to revive production in places such as Australia and New Caledonia.
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