Commodity market report
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21 Pages

Global nickel short-term outlook October 2015

Global nickel short-term outlook October 2015

Report summary

Although LME stocks came down by 25kt in October and a slight improvement in nickel prices mirrored recent increases in other base metal prices, there has been no fundamental change in the market; demand remains weak and stocks remain high. Forecast Chinese stainless output is now expected to contract in 2015 leaving nickel uptake flat on 2014. European stainless is also weakening and this could undermine mill performance in early 2016. Forthcoming deficits are smaller than previously forecast with world nickel supply not starting to fall behind demand until the middle of 2016. But while nickel prices in H1/16 have been slightly revised down, spot prices of $14,000/t are still possible by end-2016.

What's included?

This report includes 2 file(s)

  • Global nickel short-term outlook October 2015 PDF - 433.72 KB 21 Pages, 14 Tables, 3 Figures
  • Data Tables Ni STO.xls XLS - 484.05 KB


As global demand weakens and commodity prices fall, we're seeing a challenging environment in the metals and mining industry. Mining companies are increasingly coming under pressure to reduce operating costs, causing many to shift their strategic planning, delay new investments and look to long-term future growth.

This Nickel Short Term Outlook report provides a detailed breakdown of global supply and demand balances in this market, as well as price forecasts.

Mining companies, investment banks and investors can use this report to understand the future direction of the ferrous and base metals market. It will also help you assess the impact of key industry issues and events on market balances and pricing.

From acquisitions to investments, Wood Mackenzie helps you plan, forecast and benchmark in the metals markets. Our proprietary database and analyst expertise combines robust production, consumption and pricing data with detailed analysis to identify market opportunities.

We give you a holistic view of the ferrous and base metals markets so you have the confidence to make strategic decisions.

  • Executive summary
  • Supply-demand balances
    • LME nickel stocks and nickel prices
  • Demand
    • Asia
    • Europe
    • North America
  • Supply

In this report there are 17 tables or charts, including:

  • Executive summary
    • Key forecasts
  • Supply-demand balances
    • Supply-demand balances: Image 1
    • Global nickel quarterly supply-demand balance
    • LME cash and 3-month spread
  • Demand
    • Quarterly global nickel consumption in stainless steel (kt)
    • Quarterly refined nickel consumption by first use (kt)
    • EU27 imports of stainless steel (all forms) - still too high.
    • Demand: Table 3
    • Global quarterly refined consumption (kt)
    • Quarterly global stainless steel production (kt raw steel basis)
    • Global refined nickel consumption (kt)
    • Global stainless steel production (kt raw steel basis)
  • Supply
    • Global nickel mine production/capability (kt)
    • Global nickel smelter production/capability (kt)
    • Global nickel metal production/capability (kt)
    • Nickel stocks and premiums
    • Global refined nickel supply-demand balance (kt)
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