Commodity Market Report

Global nickel short-term outlook December 2022

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Nickel prices defy fundamentals and rally back towards the highs seen in November. As then, the rise is technically driven and is at odds with the large market surplus and weak stainless markets worldwide. The battery story remains compelling, however, and China's relaxation of zero-Covid may have boosted optimism further. But in China, the powerhouse of nickel demand, there would seem to be more than enough nickel to go round for both stainless and batteries.

Table of contents

Tables and charts

This report includes 18 images and tables including:

  • Key forecast - nickel sulphate
  • Quarterly global nickel consumption in stainless steel (kt)
  • Quarterly refined nickel consumption by first use (kt)
  • Quarterly global refined nickel consumption (kt)
  • Quarterly global stainless steel production (kt raw steel basis)
  • Global refined nickel consumption (kt)
  • Global stainless steel production (kt raw steel basis)
  • Global nickel mine production/capability (kt)
  • Global nickel smelter production/capability (kt)
  • Global finished nickel production/capability (kt)
  • Nickel stocks and premiums
  • Global refined nickel supply-demand balance (kt)
  • Quarterly year-on-year change in Chinese stainless production, by grade
  • JSL (Jindal Odisha) and JSHL (Jindal Hisar) stainless steel expansion projects
  • European change in quarterly stainless production, by country
  • Changes in the nickel supply forecast since January 2022.
  • HPAL ramp-up rates
  • Construction of PT Huafei in Weda Bay, Indonesia

What's included

This report contains:

  • Document

    Global Nickel Short Term Outlook December 2022.pdf

    PDF 1.08 MB