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Nickel is essential in the production of stainless steel and electric-vehicle batteries.

The automobile industry is facing high input costs due to the soaring nickel prices. The price of nickel went past $100,000 a tonne on Tuesday, a 100% jump. As a result, the London Metal Exchange (LME) had to suspend trading of nickel for the day.

The panic was a result of the ever-mounting sanctions on Russia. Russia supplies about 10% of the world's nickel and is the biggest supplier of battery-grade nickel at 15%-20% of global supply.

Metals are not a part of the sanctions at the moment, but many buyers are already moving away from Russian goods, causing supply shortages.

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