Commodity Market Report

Global nickel short-term outlook September 2022

29 September 2022

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29 September 2022

Global nickel short-term outlook September 2022

Report summary

Nickel prices in September were volatile as the bulls were spurred by a better Chinese stainless market before the bears returned with a stronger dollar. There are few positives for stainless elsewhere. Talk of China restricting stainless exports in 2023 adds to uncertainty, potentially weakening demand, which could then delay new capacity. And with so much MHP and matte now coming in Indonesia, next year's tightening nickel market could easily flip the other way.

Nickel in stainless
- Asia
- China
- South Korea
- Europe
- North America
Nickel in non-stainless
- Battery raw materials
Appendix - Data Tables

Tables and charts

This report includes 11 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)
Exports of stainless steel flat products: China increasing to estimated 3.8 Mt* in 2022
European change in quarterly stainless production, by country