Commodity Market Report

Global nickel short-term outlook July 2023

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Nickel prices picked up in late July as interest rates increased. Further support may come from the improving stainless steel industry in China, but a more significant decline in prices is coming. While the Class II nickel excess is not yet diminishing, a rise in Class I nickel stocks is imminent as Huayou becomes the first of many Chinese producers to gain approval for delivery into LME warehouses. And nickel sulphate discounts will be around for a while as that market too becomes more oversupplied.

Table of contents

  • Nickel sulphate prices
    • Asia
    • China and Indonesia
    • India
    • Europe
  • Appendix - Data Tables

Tables and charts

This report includes 15 images and tables including:

  • Quarterly global nickel consumption in stainless steel (kt)
  • Quarterly refined nickel consumption by first use (kt)
  • 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)
  • Indian imports of Class I nickel
  • Japanese trade in stainless steel flat products and stainless melt production
  • Forecast Chinese nickel metal (Class I) production
  • Chinese class I nickel capacity

What's included

This report contains:

  • Document

    Global Nickel Short Term Outlook July 2023.pdf

    PDF 1.03 MB