Once extracted, nickel ore is primarily used as a refined metal; as mentioned, more than two-thirds of the global market is put towards the production of stainless steel. The aerospace industry prizes refined nickel for its resistance to corrosion and uses it in spades as a component of superalloys. The metal is also used in coins, catalysts and chemicals, foundry products and plating. As stainless steel is the largest source of demand for nickel, increasing nickel consumption is often fueled by developing countries in the midst of infrastructure expansions. Indeed, since the early 1990s, the nickel price has seen steep climbs and descents due to changes in economic growth. For instance, the collapse of the Eastern Bloc led to significant nickel oversupply and a plummet in the metal's price that was not corrected until the early years of the 21st century. Nickel peaked at US$54,050 per MT in May 2007 after the market registered a deficit of 44,000 MT the previous year. In 2022, a short squeeze drove LME prices above US$100,000, but the exchange suspended trading and cancelled trades. Nickel prices have become increasingly affected by the metal’s use in EV battery cathodes as the world seeks to reduce carbon emissions in the battle against climate change. Global demand for the metal from the EV battery industry is expected to increase more than 40-fold by 2040, according to the International Energy Agency.