Commodity Market Report

Global nickel short-term outlook January 2023

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Nickel prices decreased at the start of January, as Tsingshan began producing pure metal, before rallying later in the month on Chinese hopes. Demand across stainless steel and batteries will improve on the final months of 2022, but the question is by how much? Last year's excess NPI might remain unused until 2024 while Class 1 tightness will ease as more intermediates become available and as Tsingshan adds to its metal-producing portfolio.

Table of contents

Tables and charts

This report includes 12 images and tables including:

  • 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)
  • Stainless steel inventories in China increase sharply in late 2022
  • Quarterly European stainless steel production and year-on-year growth
  • New Caledonian ore export taxes

What's included

This report contains:

  • Document

    Global Nickel Short Term Outlook January 2023.pdf

    PDF 1023.43 KB