Commodity Market Report

Global nickel short-term outlook May 2023

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Nickel prices initially moved up under the possibility of no new NPI licences being issued in Indonesia, but then fell because of concern about the lack of agreement over a new US debt ceiling. Global stainless markets are still struggling and the recovery in China continues to take its time. The risk to our optimistic second half is growing. Meanwhile supply keeps increasing with more NPI, matte and MHP in Indonesia. And as the surplus builds so prices will fall.

Table of contents

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)
  • Japanese imports of stainless flat products
  • Global nickel in intermediates production
  • Global share of nickel in intermediates production by type
  • Margins for matte and NPI

What's included

This report contains:

  • Document

    Global Nickel Short Term Outlook May 2023.pdf

    PDF 1021.63 KB