Commodity Market Report

Global nickel long-term outlook Q1 2020

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27 March 2020

Global nickel long-term outlook Q1 2020

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.

Table of contents

  • Demand outlook
  • Supply outlook
  • Price implications
  • Changes since Q4 2019: the impact of coronavirus
    • China
    • Indonesia
  • North America
  • Asia
  • North America
  • Oceania
  • Project Classification
    • 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

What's included

This report contains:

  • Document

    Global_nickel_long-term_outlook_Q1_2020.pdf

    PDF 1.68 MB

  • Document

    Nickel_Tables_LTO_Q1_2020.pdf

    PDF 1.57 MB

  • Document

    Demand main changes nickel LTO Q1 2020.xls

    XLS 151.00 KB

  • Document

    Demand analysis nickel LTO Q1 2020.xls

    XLS 1.97 MB

  • Document

    Supply main changes nickel LTO Q1 2020.xls

    XLS 212.00 KB

  • Document

    Production rankings nickel LTO Q1 2020.xls

    XLS 63.50 KB

  • Document

    Equity Production nickel LTO Q1 2020.xls

    XLS 3.90 MB

  • Document

    Mine analysis nickel LTO Q1 2020.xls

    XLS 602.50 KB

  • Document

    Smelter analysis nickel LTO Q1 2020.xls

    XLS 439.00 KB

  • Document

    Refinery analysis nickel LTO Q1 2020.xls

    XLS 1008.00 KB

  • Document

    Refinery product type nickel LTO Q1 2020.xlsx

    XLSX 316.48 KB

  • Document

    Market balance and prices nickel LTO Q1 2020.xls

    XLS 410.00 KB

  • Document

    Nickel_slidepack_LTO_Q1_2020.pdf

    PDF 1.81 MB

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