EV Battery Nickel Gains Second-Highest Value on Record
The EV battery nickel market surged in 2025, reaching its second-highest value ever. Spending on nickel in EV batteries totaled $1.71 billion in a three-month rolling period ending October. High-nickel batteries, especially NCM and NCMA types, dominate Europe and North America. This growth reflects automakers’ focus on extending EV range while managing battery costs.
Nickel sulphate prices in China averaged over $18,000 per tonne in October, signaling strong supply chain demand despite recent market slumps. High-nickel packs, such as those by Ultium Cells (GM and LG Energy Solution), are driving nickel adoption in key Western markets. As a result, nickel demand in batteries has outpaced lithium in multiple quarters of 2025.
Cobalt Market Hits 30-Month High
Cobalt prices rose sharply due to supply constraints and EV demand growth. Congo’s new quota system limits cobalt exports, lifting prices 335% year-to-date in China to $11,932 per tonne. EV battery spending on cobalt reached $712.6 million for the rolling three months to end-October. High-nickel cathodes and LFP adoption are reducing cobalt loadings, yet its value remains historically high.
Automakers continue to optimize cobalt content while Europe emerges as the fastest-growing EV market in 2025. Combined with the US market boost from pre-incentive sales, cobalt and nickel markets see a late-year surge. These trends underscore the strategic importance of both metals for EV supply chains worldwide.
SuperMetalPrice Commentary:
Nickel and cobalt are reclaiming prominence as EV battery demand shifts to high-performance chemistries in North America and Europe. Investors should watch geopolitical and supply developments in the DRC closely, as cobalt quotas directly influence pricing. Meanwhile, LFP growth moderates cobalt exposure but reinforces nickel’s central role in high-energy EV batteries. Overall, battery metal markets will remain volatile yet lucrative through 2025 and beyond.
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