Commodity market report

Global nickel short-term outlook March 2018

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Report summary

Nickel prices remain high for most of March but a dip late in the month coincides with mounting signals of weakening stainless demand. As European mills struggle with imports from Asia, a downward adjustment in China is likely. And all along, the spectre of still higher NPI production remains.

What's included

This report contains

  • Document

    global nickel short-term outlook march 2018.pdf

    PDF 415.38 KB

  • Document

    Global nickel STO data tables March 2018.xls

    XLS 417.50 KB

Table of contents

    • Key forecasts
    • LME and SHFE nickel stocks, and nickel prices
    • Global nickel quarterly supply-demand balance
    • 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 24 images and tables including:


  • Indonesian stainless steel exports and estimated volumes from Tsingshan Indonesia
  • Chinese imports of Indonesian nickel ore and forecast monthly estimates (Mdmt)
  • Supply-demand balances: Image 1
  • LME cash and 3-month spread
  • Imports share of European stainless market
  • European apparent stainless demand and increasing levels of stainless imports from Asia
  • European imports of stainless from Asia increase as Italian melt output is cut back
  • Demand: Image 5
  • Demand: Image 6


  • Quarterly global nickel consumption in stainless steel (kt)
  • Quarterly refined nickel consumption by first use (kt)
  • Japanese exports of stainless flat and long products (FPs and LPs) to the USA
  • Global nickel mine production/capability (kt)
  • Executive summary: Table 1
  • Supply-demand balances: Table 1
  • US imports of stainless steel by category and affected country
  • 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 7
  • Demand: Table 8

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