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Commodity Market Report

Global nickel short-term outlook October 2022

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04 November 2022

Global nickel short-term outlook October 2022

Report summary

Supply explosion and demand erosion keep the nickel market in surplus during 2022-2024. NPI doubles in two years while the ramp up in Indonesian MHP and matte accelerates. However, economic deterioration, zero-Covid and severe weather undermine stainless production this year and next. As global stainless contracts in 2022, leaving an excess of NPI, MHP and matte are absorbed to make nickel sulphate - the compelling battery story goes on.

Table of contents

Tables and charts

This report includes 10 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)
  • European change in quarterly stainless production, by country

What's included

This report contains:

  • Document

    Global Nickel Short Term Outlook October 2022.pdf

    PDF 1.01 MB