Global nickel short-term outlook April 2021 Report

Commodity Market Report 29 April 2021

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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

Nickel prices stayed rangebound for most of April. Strong post-Covid demand is helping to keep nickel prices buoyant but the mounting surplus just gets bigger due to ever-increasing production of NPI in Indonesia and China. The risk to prices is on the downside. Demand will weaken in H2, assisted by the ongoing shortage of semiconductor chips, which has closed auto plants around the world. Production of domestic appliances may soon be affected too.

When the chips are down
Nickel in stainless
- Asia
- China
- Indonesia
- Japan
- Taiwan
- Europe
- US
Nickel in non-stainless
- Batteries

Tables and charts

This report includes the following images and tables:

Stainless steel demand by end use, 2020
China's use of nickel in stainless, by nickel type: NPI is taking over
Taiwan's adjusted HR stainless product mix - a proxy for melting: austenitic ratio down since December