Key points:Indonesia announced it would ban nickel ore exports from 2020 as it tries to develop an electric battery industryNickel mining was in the doldrums for years but it rebounded in early September, to a five-year high above $US18,000 per metric ton.Porsche is the latest big car manufacturer to take on the electric dream with its so-called Tesla killer, the Taycan electric sports car.
"At the moment, about 3 per cent of global nickel goes into electric vehicle batteries," said James Stewart, Ausbil Global Resources Fund's portfolio manager."Nickel is a very important commodity to EVs [electric vehicles] and the battery thematic." Eighty percent of the world's nickel is used to make stainless steel for pipes and household items like fridges.Indonesia driving up prices
Supply fears came to the fore last month after Indonesia announced it would ban nickel ore exports from 2020 as it develops an electric battery industry backed by Chinese stainless steel giant Tsingshan Group.