The price of nickel reached one million dollars per ton
Oil and gas are currently the subject of much controversy around the world, but in the future the competition could be for other minerals as well.
It was March 8, at 5:42 a.m. when the price of nickel began to rise so fast that panic spread on the London Metal Exchange.
In 18 minutes the price of nickel reached one million dollars per ton. Due to which nickel operations had to be stopped.
Even before this record was broken, the price of nickel had risen by 250% in the last 24 hours.
It was the first time since the Russian invasion of Ukraine that a major metal crisis had erupted in the market.
The increase in prices due to sanctions imposed on Russia by Western countries has made it clear that a metal like nickel has become important in the world. This is important for an economy that wants to minimize its dependence on fossil fuels.
"We need to end our long-standing dependence on China and other countries for things that determine the future," he said.
Earlier, Biden said he was enforcing the Defense Production Act to help locally produce and process minerals used in the manufacture of electric batteries and renewable energy storage.
The White House says the minerals include lithium, nickel, graphite, manganese and cobalt.
Source: BBC Urdu