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Nickel tumbled after a major Chinese producer’s unexpected plan to add supply eased concerns about a structural deficit for the material that Elon Musk has said is the biggest concern for Tesla Inc. batteries.

Nickel is critical to the world’s clean-energy transition.

Tsingshan Holding Group Co., the world’s top stainless steel producer, will soon start supplying nickel matte to Chinese battery material producers and plans to expand its nickel investments in Indonesia. Matte is an intermediate product made from concentrate that can be further processed into battery-grade chemicals.

Read more at: https://www.bloomberg.com/news/articles/2021-03-04/nickel-slumps-as-key-producer-s-supply-plans-ease-deficit-fears