What’s the key takeaway from this report?
The nickel market is in deficit and is expected to continue to be over the mid-term. This might change if recent proposals for plants in Indonesia trigger a new wave of investment.
What’s changed since our last report?
Events in Indonesia and China are largely responsible for the changes in our forecasts since our last report. On the supply side, the net addition to finished nickel production of 20-80 ktpa between 2021 and 2040 is mostly due to the inclusion of two new Indonesian HPAL plants and associated refineries. We have revised our demand forecasts for nickel in both China and India.
In addition, demand for nickel in batteries for EVs will become increasingly important in the future, and our demand estimates have been revised to take into account the latest long-term outlook for battery raw materials from our Battery Raw Materials Service.