Commodity market report
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24 Pages

Global nickel short-term outlook December 2016

Global nickel short-term outlook December 2016

Report summary

After falling to their lowest level since 2003 during H1/16, the threat of nickel mine closures in the Philippines triggered a mid-year rally that peaked at around US$11,700/t (US$/lb) in November. The upward trend will continue in the first half of 2017 as ore stocks in China approach depletion point in March-April. Replenishment that usually comes at the end of the monsoon season might then be compromised if, in the interim, the Filipino government shuts down the mines it threatened with closure in September. Equally, increasing nickel and chrome raw material prices will push up stainless prices to an extent that might trigger restocking in the stainless supply chain. But there is a hint of downside risk emanating from China as two of the new mills in ramp up mode are threatened with closure.

What's included?

This report includes 2 file(s)

  • Global nickel short-term outlook December 2016 PDF - 525.94 KB 24 Pages, 13 Tables, 8 Figures
  • Global nickel STO data tables December 2016.xls XLS - 410.00 KB


As global demand weakens and commodity prices fall, we're seeing a challenging environment in the metals and mining industry. Mining companies are increasingly coming under pressure to reduce operating costs, causing many to shift their strategic planning, delay new investments and look to long-term future growth.

This Nickel Short Term Outlook report provides a detailed breakdown of global supply and demand balances in this market, as well as price forecasts.

Mining companies, investment banks and investors can use this report to understand the future direction of the ferrous and base metals market. It will also help you assess the impact of key industry issues and events on market balances and pricing.

From acquisitions to investments, Wood Mackenzie helps you plan, forecast and benchmark in the metals markets. Our proprietary database and analyst expertise combines robust production, consumption and pricing data with detailed analysis to identify market opportunities.

We give you a holistic view of the ferrous and base metals markets so you have the confidence to make strategic decisions.

  • Executive summary
    • Key forecasts
  • Supply-demand balances
    • LME and SHFE nickel stocks, and nickel prices
    • Global nickel quarterly supply-demand balance
  • Demand
    • Quarterly global nickel consumption in stainless steel (kt)
  • Supply
    • Global nickel mine production/capability (kt)

In this report there are 21 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Supply-demand balances
    • LME nickel prices and open interest: new shorts and selling indicate December pessimism
    • Supply-demand balances: Image 2
    • Supply-demand balances: Table 1
    • Supply-demand balances: Image 3
    • LME cash and 3-month spread
  • Demand
    • Regional year-on-year growth in stainless melt production during H1 and H2 (2016:2015)
    • Demand: Table 1
    • Quarterly refined nickel consumption by first use (kt)
    • First half 2016: underperforming
    • Second half 2016: recovery
    • US stainless - melting rates exceeding product deliveries
    • Demand: Table 3
    • Quarterly global stainless steel production (kt raw steel basis)
    • Global refined nickel consumption (kt)
    • Global stainless steel production (kt raw steel basis)
  • Supply
    • Supply: Table 1
    • Supply: Table 2
    • Supply: Table 3
    • Supply: Table 4
    • Supply: Table 5
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