Commodity Market Report

Global nickel long-term outlook Q3 2020

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Recession driven by Covid-19 and the rapid ramp up in Indonesian NPI leaves the nickel market with a substantial surplus for most of the next decade. Further expansion in Chinese and Indonesian stainless might help to redress the balance but there is little hope of that happening anywhere else in the world. Accelerating nickel demand in batteries for electric vehicles would also help but currently this does not start to move the nickel dial until after 2025. Producer restraint is unlikely at current prices but some may start to struggle as prices fall and they lose market share to NPI in China.

Table of contents

Tables and charts

This report includes 6 images and tables including:

  • Potential future expansion in Chinese stainless melting capacity, by project
  • Near-term changes in mined production capability, excluding highly probable projects (kt)
  • Global mined nickel production by region
  • Near-term changes in refined production capability, excluding highly probable projects (kt)
  • Global refined nickel production by region
  • Main changes in refined nickel supply since the prior quarter

What's included

This report contains:

  • Document


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