Commodity Market Report

Global nickel short-term outlook February 2018



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Report summary

Nickel prices reach their highest level since May 2015, despite the Chinese Spring Festival holiday, and our forecasts have been revised up accordingly. Demand continues to support widespread positive sentiment but there is a considerable downside supply risk, especially in the form of resurgent ore exports for NPI production in China. Price moderation in 2019 is likely as increasing supply pushes the market towards balance.

What's included

This report contains

  • Document

    global nickel short-term outlook february 2018.pdf

    PDF 410.00 KB

  • Document

    Global nickel STO data tables February 2018.xls

    XLS 410.00 KB

Table of contents

    • Key forecasts
    • LME and SHFE nickel stocks, and nickel prices
    • Global nickel quarterly supply-demand balance
    • China
    • Europe
    • North America
      • Global refined nickel consumption (kt)
      • Global stainless steel production (kt raw steel basis)
    • Global nickel smelter production/capability (kt)
    • Global nickel metal production/capability (kt)
    • Nickel stocks and premiums
    • Global refined nickel supply-demand balance (kt)

Tables and charts

This report includes 21 images and tables including:


  • Quarterly global nickel consumption in stainless steel (kt)
  • Quarterly refined nickel consumption by first use (kt)
  • Global nickel mine production/capability (kt)
  • Executive summary: Table 1
  • Supply-demand balances: Table 1
  • Global quarterly refined consumption (kt)
  • Quarterly global stainless steel production (kt raw steel basis)
  • Supply: Table 2
  • Supply: Table 3
  • Supply: Table 4
  • Supply: Table 5
  • Demand: Table 5
  • Demand: Table 6


  • Demand: Image 1
  • Indian stainless product mix outlook
  • Indian use of nickel in stainless
  • Supply-demand balances: Image 1
  • LME cash and 3-month spread
  • Recent variation in reported Chinese stainless steel stock levels
  • Chinese stainless steel prices: ferritics prices stay up while austenitics fall
  • Global nickel first use demand in non-stainless application to 2020

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