Electric vehicle (EV)

Nickel Rises on EV Growth and China Optimism, While Iron Ore Slips on Steel Curbs

Dong-A Special Metals reports that global mineral prices have recently shifted due to a mix of economic optimism and geopolitical tension. Copper and nickel prices are climbing, driven by improving trade conditions, stronger electric vehicle (EV) demand, and monetary easing in China. In contrast, iron ore prices are slipping under pressure from China's crude steel production limits.

The trade agreement between the U.S. and the U.K. lowered tariffs on British cars from 25% to 10% and removed steel and aluminum tariffs. This improved sentiment in global trade markets and positively impacted EV prices.

Nickel prices gained momentum from several factors. Positive signals from U.S.-China trade negotiations, growing Chinese EV production, and lower nickel inventories on major exchanges supported the rally. Notably, the London Metal Exchange (LME) reported a 1.4% weekly drop in nickel inventories to 201,331 tons in early May. Meanwhile, the People's Bank of China's decision to cut reserve requirements further boosted price optimism.

Chinese EV leader BYD reported a 21.3% year-on-year sales increase for new energy vehicles (NEVs) in April, a new peak in 2025. This surge reflects the expanding role of nickel in batteries and clean energy technologies.

However, the U.S. Federal Reserve's decision to keep interest rates steady caused the U.S. dollar to rise for the second consecutive week (Dollar Index 99.76). A stronger dollar dampens investor appetite for commodities, limiting nickel's upside. Concerns about a potential oversupply of refined nickel also weighed on the market.


Iron Ore Falls and Uranium Surges on Supply Worries

Iron ore prices dropped as the Chinese government pushed to cut crude steel production and improve capacity efficiency. These production curbs raised concerns about falling demand for iron ore, leading to a decline in prices.

In contrast, uranium prices surged due to political unrest in Niger and growing demand from new nuclear power plants. The Nigerian military reportedly seized a local subsidiary of French uranium firm Orano, creating fears of production halts. Niger ranked seventh globally in uranium output in 2022, producing 2,020 tons. With China and other major economies expanding nuclear power capacity, uranium demand has grown steadily.


Lithium and Rare Earths See Mixed Trends

The lithium market saw slight fluctuations. High tariffs from the U.S.-China trade war and increased supply from Chinese producers weakened overall sentiment. Lithium hydroxide prices adjusted mildly as buyers and sellers negotiated new terms amid softened demand.

Among rare earth elements, dysprosium oxide prices rose due to China's export controls, ongoing supply shortages, and restocking by manufacturers. In contrast, cerium oxide and lanthanum prices remained flat or declined, reflecting weak downstream demand.

Dong-A Special Metals continues to monitor price movements across the global metals market. As a key supplier of recycled metals and advanced alloys, we remain committed to supporting industries navigating resource volatility.



#nickel #electric vehicles #iron ore #uranium #lithium #rare earth elements #trade policy #China EV market #global metal prices #Dong-A Special Metals

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