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Commodity Market Report

Global nickel investment horizon outlook Q3 2022

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22 September 2022

Global nickel investment horizon outlook Q3 2022

Report summary

China will continue to dominate the future nickel market, in both stainless steel and battery chemicals, ably supported by its expanding investments in Indonesia. Meanwhile, the west looks on, cutting costs and exploring value-add niches while the Asian challenge prevents expansion. Ex-Asian battery investments are growing but lean toward recycling rather than raw materials. And everything is coloured by the need to decarbonise.

Table of contents

  • A new normal, not a return to the old
  • Medium-term forecasts
  • Nickel sulphate premiums
    • Short term - upside
    • Short term - downside
    • Medium term - upside
    • Medium term - downside
  • Price scenario
  • Overview
  • Changes since the last quarter
    • Asia
    • Europe
  • Nickel in battery precursors
  • Overview
  • Changes since the last quarter
    • Indonesia
    • Zimbabwe
  • Intermediates markets

Tables and charts

This report includes 19 images and tables including:

  • Estimated potential capital expenditure on nickel projects
  • Capacity additions since 2020
  • Price forecasts and refined market balances
  • Nickel market balance and price outlook
  • Requirement for new refined nickel production
  • Nickel sulphate premiums
  • Price scenario
  • Base case price and price scenario
  • Regional nickel consumption
  • Main changes in nickel consumption outlook since the previous quarter
  • Regional nickel mine production capability
  • Regional nickel refinery production capability
  • Main changes in refined nickel production since the previous quarter
  • Nickel in intermediates for chemicals (kt)
  • Nickel in intermediates for chemicals - by share
  • Chinese expansion in stainless steel melt shop capacity
  • Stainless melting capacity at Tsingshan and Baowu/Tisco
  • Indonesian HPAL and matte operations and projects
  • Potential supply of nickel in intermediates

What's included

This report contains:

  • Document

    Global Nickel Investment Horizon Outlook Q3 2022.pdf

    PDF 705.83 KB