Commodity Market Report
Global nickel investment horizon outlook Q3 2023
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Prices have remained stubbornly high this year despite growing surpluses and tepid global demand. However, this month nickel stocks on the exchanges resumed an upward path just at the time new names from China have registered their product. Prices are beginning to waver now, and under the weight of global surpluses for the next five years they will head down to levels not seen for a while. However, the size of the cumulative surplus over the next 10 years seems unrealistic. As we question whether this global headline of total nickel refined units is meaningful anymore, we also provide balances for the Class I, Class II and nickel sulphate markets.
Table of contents
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Making sense out of chaos
- What happened?
- Why metal? Why now?
- Medium-term forecasts
- Nickel sulphate premiums
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Risks to forecast
- Short term - upside
- Short term - downside
- Medium term - upside
- Medium term - downside
- Overview
- Changes since the last quarter
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Nickel in stainless steel
- Africa
- Asia
- China
- Indonesia
- Europe
- Nickel in battery precursors
- Overview
- Changes since the last quarter
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Asia
- Indonesia
- Philippines
- Europe/North America
- 1 more item(s)...
Tables and charts
This report includes the following images and tables:
- Price forecasts and refined market balances
- Global nickel balance and price
- Global Class I nickel balance
- Global Class II nickel balance
- Global nickel sulphate balance
- Requirement for new refined nickel production
- Nickel sulphate premiums
- Regional nickel consumption
- Main changes in nickel consumption outlook since the previous quarter
- Nickel in pCAM consumption by country
- Regional nickel mine production capability
- Regional nickel refinery production capability
- 11 more item(s)...
What's included
This report contains:
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