Commodity Market Report

Global nickel investment horizon outlook Q3 2023

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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

Tables and charts

This report includes 23 images and tables including:

  • 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
  • Changes in nickel supply by product type.
  • Main changes in refined nickel production since the previous quarter
  • Nickel in intermediates supply (kt)
  • Nickel in intermediates for chemicals - by share
  • Price scenario
  • Base case price and price scenario
  • Malaysian imports of stainless hot-rolled coil
  • China's stainless steel melt shop capacity expansion plans
  • The potential increase in nickel-in-intermediate supply
  • Indonesian HPAL and matte operations and projects
  • Payabilities for nickel in matte and MHP

What's included

This report contains:

  • Document

    Global Nickel Investment Horizon Outlook Q3 2023.pdf

    PDF 808.53 KB