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The Guardian - UK

Business

Gwyn Topham and Julia Kollewe

Carmakers face higher costs and supply issues as price of nickel soars

Russia Ukraine London London Metal Exchange United Kingdom

A computer screen in London showing a one-day view of the rise and fall in the value of the nickel. — A computer screen in London showing a one-day view of the rise and fall in the value of nickel. Photograph: Ben Stansall/AFP/Getty Images

Car manufacturers are facing soaring costs and supply issues after the price of nickel doubled to record levels in the wake of Russia’s invasion of Ukraine.

Prices passed $100,000 (£76,000) a tonne – driven up by buyers racing to cover short positions – before the London Metal Exchange (LME) suspended trading in nickel for the day.

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