China and Indonesia account for 70% of global supplies of nickel, but producers in the countries have become unprofitable after the battery metal shed more than 80% of its price since last year

The price surge follows a record price spike last week, a six-day trading suspension, and then a restart hit by technical glitches

Asian battery makers for electric vehicles are shielded from a big, immediate hit from surging nickel prices for now, thanks to long-term contracts and a diversified supply chain, companies said.