Nickel prices are proving a headache for miners across the world: oversupply of the metal plus low electric vehicle (EV) demand has created a profit-stealing two-year price slide. Anglo American’s nickel revenues fell by around 23 percent in 2023, according to its latest earnings report. The EBITDA for nickel at Vale fell by 56 percent over the same period, from £1,924mn to £668m. The nickel price is down 27 percent year on year. How have prices fallen so far, so quickly? Oversupply from Indonesia Part of the…
