Global nickel long-term outlook Q1 2020 Report

Commodity Market Report 27 March 2020

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Report summary

As coronavirus heightens fear of global recession, nickel prices tumble. Although near-term supply and demand forecasts are cut, the long-term outlook remains intact. Future nickel production is dominated by Indonesian NPI and a strong ramp up in nickel chemicals to feed battery supply chains. Demand growth is supported by still more new stainless melting capacity in China and accelerating need for nickel in batteries, as the world's vehicle fleet goes electric.

Demand outlook
Supply outlook
Price implications
Changes since Q4 2019: the impact of coronavirus
Asia
- China
- Indonesia
North America
Asia
North America
Oceania
Project Classification
Supply Disruptions
- New production allowance
- Disruption allowance
- Market-driven adjustment

Tables and charts

This report includes 13 images and tables including:

Nickel consumption by region
Nickel consumption in non-stainless first uses
Growth in future supply of nickel by product type

Mine production by main producing country
Refined nickel production by main producing country
Substantial deficit accumulating over the next ten years
Global nickel supply and demand - long-term structural shortage
Trends in stainless steel scrap ratio by country/region
Increasing scrap ratio and falling nickel use scenario for Chinese stainless
Near-term changes in mined production capability, excluding highly probable projects (kt)
Near-term changes in refined production capability, excluding highly probable projects (kt)
First use consumption of nickel
End use consumption of stainless steel