Commodity Market Report

Global nickel strategic planning outlook Q1 2023

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Strengthening demand for nickel in China’s rechargeable battery and stainless steel industries will support robust growth in global nickel demand over the mid-term. Despite that, large mid-term surpluses are looming as China ramps up nickel intermediates production in Indonesia for nickel sulphate. Surplus NPI will dissipate by 2024 and then the excess in Class I and sulphate will increase. LME prices will fall.

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
    • Indonesia
  • Europe
  • North America
  • Nickel in battery chemicals
  • Overview
  • Changes since the last quarter
    • Major producing countries
    • Nickel product type and future benchmark pricing
    • 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
  • Battery CAM demand by type
  • 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
  • Share of global refined supply by country
  • Share of global nickel production by type

What's included

This report contains:

  • Document

    Global Nickel Strategic Planning Outlook Q1 2023.pdf

    PDF 737.46 KB