Commodity Market Report
Global nickel strategic planning outlook Q1 2023
Report summary
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
-
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
- Indonesia
- Europe
- North America
- Nickel in battery chemicals
- Overview
- Changes since the last quarter
-
The supply landscape
- 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:
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