Commodity Market Report

Global nickel long-term outlook Q1 2019

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What key questions does this report answer?

  • How long do we expect the nickel market to stay in deficit? How will this affect prices?
  • As electric vehicles grow in popularity, will there be enough nickel to meet demand for the high nickel battery chemicals EVs need?
  • What’s driving nickel demand in the short term?

10 April 2019

Global nickel long-term outlook Q1 2019

Report summary

The outlook for nickel remains one of long-term structural deficit and higher prices. World stainless melt production is expected to increase by around 16% by 2025, before slowing. However, there are risks to nickel uptake including falling austenitic ratios and rising scrap use in China. Also, penetration of the market by Indonesian stainless will force other producers to cut output. Longer term nickel demand is driven by the electric vehicle battery segment, not least because high-nickel battery chemistries will become increasingly dominant. But where is all the nickel going to come from? Do recently announced hydrometallurgical projects in Indonesia really provide the answer?

Table of contents

    • Africa
    • Southeast Asia
    • China
    • Europe
    • The Americas
  • Nickel in non-stainless
  • Principal Uses of Nickel
  • Africa
  • Asia
  • Oceania
  • Latin America

Tables and charts

This report includes 14 images and tables including:

  • EV battery share of total nickel demand in 2018
  • EV battery share of total nickel demand in 2040
  • Global nickel consumption by first use
  • Global stainless steel product consumption by end use
  • Mined nickel production capability
  • Refined nickel production capability
  • Increasing feed requirements at Ambatovy, as grades fall
  • Near-term changes in refined production capability, excluding highly probable projects (kt)
  • Substantial deficit accumulating over the next ten years
  • Global nickel supply and demand - long-term structural shortage
  • Malaysian imports of stainless from South Africa replaced by Indonesia
  • Taiwan cuts stainless melt output as imports from Indonesia go up
  • Penetration of European stainless market by ex-region imports

What's included

This report contains:

  • Document

    Global_nickel_long-term_outlook_Q1_2019.pdf

    PDF 2.50 MB

  • Document

    Global_nickel_long-term_outlook_slidepack_Q1_2019.pdf

    PDF 2.35 MB

  • Document

    Nickel_Tables_LTO_Q1_2019.pdf

    PDF 1.42 MB

  • Document

    Demand main changes nickel LTO Q1 2019.xls

    XLS 153.00 KB

  • Document

    Demand analysis nickel LTO Q1 2019.xls

    XLS 1.88 MB

  • Document

    Supply main changes nickel LTO Q1 2019.xls

    XLS 210.50 KB

  • Document

    Production rankings nickel LTO Q1 2019.xls

    XLS 64.50 KB

  • Document

    Equity Production nickel LTO Q1 2019.xls

    XLS 3.88 MB

  • Document

    Mine analysis nickel LTO Q1 2019.xls

    XLS 829.50 KB

  • Document

    Smelter analysis nickel LTO Q1 2019.xls

    XLS 387.00 KB

  • Document

    Refinery analysis nickel LTO Q1 2019.xls

    XLS 1.18 MB

  • Document

    Refinery product type nickel LTO Q1 2019.xlsx

    XLSX 273.56 KB

  • Document

    Market balance and prices nickel LTO Q1 2019.xls

    XLS 412.00 KB

  • Document

    Global nickel long-term outlook Q1 2019

    ZIP 7.74 MB

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