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Nickel June 16, 2020 08:40:42 PM

Fitch Solutions Forecasts 19% Dip in Global Nickel Output

Paul Ploumis
ScrapMonster Author
Fitch revised down its Chinese production growth forecasts for the current year from 2.5% to 0%.

Fitch Solutions Forecasts 19% Dip in Global Nickel Output

SEATTLE (Scrap Monster): Fitch Solutions has revised downwards the forecasts for mining production as well as metals production and consumption for the current year. The agency will announce further adjustments to the estimates as market conditions continue to evolve.

According to the latest forecast, global nickel mine output is expected to record 19.6% year-on-year decline in 2020. The huge cuts in capital expenditures by companies in order to preserve cash will likely result in notable decline in exploration activity during the year. The funding issues faced by junior mining firms will escalate, putting further downward pressure on exploration activity.

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Fitch revised down its Chinese production growth forecasts for the current year from 2.5% to 0%. The prolonged lockdowns due to coronavirus pandemic coupled with reduced import of minerals from Indonesia are expected to limit output growth. The growth in nickel metal production will be mainly driven by Indonesia, where two projects are ready to go online during the current year. The output growth will witness significant boost as economy revives and prices scale new heights.

Prior to the pandemic-triggered lockdown, Fitch Solutions had predicted major decline in nickel mine production.

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