Commodity Market Report
Global nickel strategic planning outlook Q1 2022
Report summary
Nickel prices to retreat as Indonesian nickel supply - NPI, matte and MHP - pushes market into surplus. But stronger battery demand will support higher prices from 2026. China leads the way in stainless, supported by India. Indonesia could yet take off but Turkey is looking interesting. The energy transition will not only drive up demand for nickel in batteries, but also the supply of secondary nickel from recycled batteries and manufacturing scrap.
Table of contents
- Medium-term forecasts
- Nickel sulphate premiums
-
Risks to forecast
- Short term - upside
- Short term - downside
- Medium term - upside
- Medium term - downside
- Price scenario
-
Long-term prices
- The project incentive price (high case long-term price forecast).
- The price/C1 operating cost relationship – low case forecast.
- The price/C2 operating cost relationship – base case scenario.
- Overview
- Changes since the last quarter
-
Nickel in stainless steel
- Asia
- China
- India
- Indonesia
- Europe
- North America
- Nickel in precursor chemicals for batteries
- Overview
- Changes since the last quarter
-
Asia
- Indonesia
- China
- Africa
- Oceania
- Secondary supply from recycled batteries and cell manufacturing scrap
Tables and charts
This report includes 16 images and tables including:
- Price forecasts and refined market balances
- Nickel market balance and price outlook
- Requirement for new refined nickel production
- Nickel sulphate premiums
- Price scenario
- Base case price and price scenario
- Regional nickel consumption
- Main changes in nickel consumption outlook since the previous quarter
- Chinese precursor production outlook
- Regional nickel mine production capability
- Regional nickel refinery production capability
- Main changes in refined nickel production since the previous quarter
- Forecast high, low and base case long-term prices
- Chinese expansion in stainless steel melt shop capacity
- Indonesian HPAL and matte operations and projects
- Philippines ore supply to China
What's included
This report contains:
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