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Nickel June 03, 2021 02:30:20 PM

Fitch Solutions Upgraded Long-Term Nickel Price Outlook

Paul Ploumis
ScrapMonster Author
The spot nickel prices at London Metal Exchange (LME) are likely to witness decline in the coming months.

Fitch Solutions Upgraded Long-Term Nickel Price Outlook

SEATTLE (Scrap Monster): Fitch Solutions has upgraded its long-term nickel price outlook from $15,750 per tonne to $16,500 per tonne for the current year. The price of the metal will continue to remain on a gradual uptrend in the long term, primarily aided by ongoing deficit in global nickel market. The agency foresees nickel prices at $16,540 per tonne in 2022, $17,360 per tonne in 2023, $18,230 per tonne in 2024 and $19,140 per tonne in 2025.

The spot nickel prices at London Metal Exchange (LME) are likely to witness decline in the coming months, due to anticipated stability in demand from steel production and ramp-up of additional nickel facilities. The prices had witnessed a steep correction in March this year, falling to levels of $16,450 per tonne. Despite declines in March and May, the prices of the metal have averaged at around $17,382 per tonne, Fitch report noted.

The bearish near to mid-term outlook is mainly driven by expected rise in supply. The Indonesian nickel production is expected to record nearly one-third growth over the previous year in 2021. The demand from Chinese stainless steel sector will also slow down in H2 2021. On the other hand, the long-term demand growth, especially from electric vehicle market, will remain buoyant.

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