Commodity Market Report
Global nickel long-term outlook Q4 2019
Report summary
The world nickel market continues to be dominated by events in Indonesia and China, most recently by the bringing forward of Indonesia's nickel ore export ban. This will mean lower future NPI production in China, although that loss could be be offset by more NPI in Indonesia, depending on further developments in Indonesian stainless. Despite a potential deficit in 2021-2022, the expansion of Indonesian NPI is the main reason why the mid-term outlook for nickel is now one of balance. The long-term story, however, is still one of increasing EV importance and a widening gap between demand and supply.
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