Global nickel long-term outlook Q3 2020 Report

Commodity Market Report 24 September 2020

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

Recession driven by Covid-19 and the rapid ramp up in Indonesian NPI leaves the nickel market with a substantial surplus for most of the next decade. Further expansion in Chinese and Indonesian stainless might help to redress the balance but there is little hope of that happening anywhere else in the world. Accelerating nickel demand in batteries for electric vehicles would also help but currently this does not start to move the nickel dial until after 2025. Producer restraint is unlikely at current prices but some may start to struggle as prices fall and they lose market share to NPI in China.

Asia
- China
- Indonesia
Europe
North America
- USA
Asia
- Indonesia
Latin America
- Colombia
- Brazil
Oceania
- New Caledonia
- Australia

Tables and charts

This report includes the following images and tables:

Potential future expansion in Chinese stainless melting capacity, by project
Near-term changes in mined production capability, excluding highly probable projects (kt)
Global mined nickel production by region

Near-term changes in refined production capability, excluding highly probable projects (kt)
Global refined nickel production by region
Main changes in refined nickel supply since the prior quarter