Commodity market report
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24 Pages

Global nickel short-term outlook February 2016

Global nickel short-term outlook February 2016

Report summary

The outlook for nickel prices has become more bearish due to the combination of constrained demand and very high nickel stocks, currently the equivalent of at least six months of demand. With such excess inventory there is very little fundamental justification for prices to increase, whatever improvement in demand might be possible. On that basis, forecast annual average nickel prices have been cut to sub-US$4.00/lb in 2016 and US$4.20/lb in 2017.

What's included?

This report includes 2 file(s)

  • Global nickel short-term outlook February 2016 PDF - 468.57 KB 24 Pages, 13 Tables, 5 Figures
  • Data Tables Ni STO.xls XLS - 454.50 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 nickel stocks and nickel prices
  • Demand
    • Asia
    • Europe
    • North America
    • Nickel in non-stainless
  • Supply

In this report there are 18 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Supply-demand balances
    • February price decline matched by increase in open interest - new shorts.
    • Supply-demand balances: Image 2
    • Global nickel quarterly supply-demand balance
    • LME cash and 3-month spread
  • Demand
    • Quarterly global nickel consumption in stainless steel (kt)
    • Quarterly refined nickel consumption by first use (kt)
    • Chinese stainless steel product mix - underlying trend in austenitic ratio still rising
    • US imports of stainless steel from China - surge from mid-2014 to mid-2015
    • Global quarterly refined consumption (kt)
    • Quarterly global stainless steel production (kt raw steel basis)
    • Global refined nickel consumption (kt)
    • Global stainless steel production (kt raw steel basis)
  • Supply
    • Global nickel mine production/capability (kt)
    • Global nickel smelter production/capability (kt)
    • Global nickel metal production/capability (kt)
    • Nickel stocks and premiums
    • Global refined nickel supply-demand balance (kt)
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