Commodity Market Report

Global nickel short-term outlook January 2019

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31 January 2019

Global nickel short-term outlook January 2019

Report summary

Nickel prices rebounded for technical reasons in January but that rally will not be sustained. This year, new supply from Chinese and Indonesian NPI is only partly offset by greater demand so the projected deficit will narrow, thereby undermining the case for higher prices. 2020 might be better for prices but the market moves back towards balance in 2021, as new hydrometallurgical plants come on stream.

Table of contents

  • Executive summary
    • LME and SHFE nickel stocks, and nickel prices
    • Global nickel quarterly supply-demand balance
    • Quarterly global nickel consumption in stainless steel (kt)
    • Indonesian ramp up in NPI to feed ramp up in stainless steel
    • Global refined nickel consumption (kt)
  • Supply

Tables and charts

This report includes 18 images and tables including:

  • Key forecasts
  • 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)
  • Supply-demand balances: Image 1
  • Supply-demand balances: Table 1
  • Demand: Table 1
  • Quarterly refined nickel consumption by first use (kt)
  • Demand: Image 1
  • Taiwan's stainless melt output falling due to rising imports of Indonesian slab
  • Indonesian HR stainless replacing that from China
  • Demand: Image 4
  • Global quarterly refined consumption (kt)
  • Quarterly global stainless steel production (kt raw steel basis)
  • Demand: Table 5
  • Global stainless steel production (kt raw steel basis)

What's included

This report contains:

  • Document

    global nickel short-term outlook january 2019.pdf

    PDF 910.94 KB

  • Document

    Global nickel STO data tables January 2019.xls

    XLS 503.50 KB

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