From 2026 onwards, however, nickel requirements are expected to increase significantly. On the price side, "we do not expect prices to return to the cost curve in 2022/2023, but we do expect some moderation in the nickel price due to ample supply and consolidation of prices across the metals complex after a cyclical peak in 2021," the Swiss bank says.

This scenario is possible if the electric vehicle becomes as popular as expected and if no major advances are made in battery technology.

L'offre et la demande de nickel jusqu'en 2030
Nickel supply and demand to 2030 in kilotonnes (Woodmac / UBS)