Commodity market report

Global nickel short-term outlook July 2017

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Report summary

Nickel prices rally to US$10,000/t (US$4.53/lb) as market sentiment turns more positive. The rally is expected to continue through August. The source of this month's optimism is a stronger stainless steel segment in China. Q2 production cuts have come to an end, indicative stocks are down to their lowest level since January 2016 and higher stainless prices should boost new orders. Furthermore, the re-entry of Delong and reconfiguration at Desheng could mean that austenitic stainless production will increase substantially in H2/2017. This coincides with the closure of one NPI smelter in Indonesia, signalling that more suspensions are possible. Furthermore, President Duterte has re-ignited the threat to Filipino mines by raising the spectre of curtailing exports in favour of domestic processing.

What's included

This report contains

  • Document

    Global nickel STO data tables July 2017.xls

    XLS 416.50 KB

  • Document

    Global nickel short-term outlook July 2017

    PDF 445.98 KB

  • Document

    Global nickel short-term outlook July 2017

    ZIP 583.46 KB

Table of contents

Tables and charts

This report includes 18 images and tables including:


  • Supply-demand balances: Image 1
  • LME cash and 3-month spread
  • European stainless steel base prices and alloy surcharge - decreasing in July
  • Brazilian automotive improving - production boosted by greater sales at home and for export
  • Brazilian aerospace - Embraer deliveries and backlog still below recent peaks


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

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