Commodity Market Report

Global nickel strategic planning outlook Q1 2022

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24 March 2022

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
    • Short term - upside
    • Short term - downside
    • Medium term - upside
    • Medium term - downside
  • Price scenario
    • 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
    • Asia
    • China
    • India
    • Indonesia
  • Europe
  • North America
  • Nickel in precursor chemicals for batteries
  • Overview
  • Changes since the last quarter
    • 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:

  • Document

    Global Nickel Strategic Planning Outlook Q1 2022.pdf

    PDF 1.67 MB