INSG Foresees Nickel Demand Boost Next Year

SEATTLE (Scrap Monster): The International Nickel Study Group (INSG) announced its observations on global nickel market in 2022 and 2023, following the October 2022 meeting held in Lisbon.

The meeting held extensive discussions on current nickel market trends. It observed that global commodity markets are seen facing increased uncertainties, primarily on account of Covid-19 pandemic impacts, geopolitical crisis, rising inflation and slower economic growth across the globe.

ALSO READ:

INSG Foresees Notable Surge in Primary Nickel Demand

INSG: Global Nickel Market Surplus Widened Further

The world primary nickel production had totalled 2.612 Mt in 2021. INSG predicts the production to reach 3.036 Mt this year and increase further to hit 3.387 Mt in 2023. The above projections do not take into account possible disruption in production, it noted. Meantime, the world primary nickel usage is expected to increase to o 2.892Mt in 2022 and 3.216Mt in 2023. It must be noted that the usage had totalled only 2.775 Mt during the previous year.

The study group forecasts negative growth in the stainless steel sector and increasing usage of nickel in EV batteries in 2022. For 2023, INSG predicts expanded output from both these sectors.

The nickel market will end in surpluses of 144kt and 171kt in 2022 and 2023 respectively.