SEATTLE (Scrap Monster): The recent report by Fitch foresees Philippines emerging as the world’s largest nickel ore producer, pushing Indonesia to the second spot. The production by other major players is likely to remain stable.
According to the report, the global nickel production is likely to witness significant drop in 2020, on account of the export ban in Indonesia, due to come into effect during this year. On the other hand, the production growth from Philippines is projected to surge, mainly on account of several suspended mines in the country becoming operational. Meantime, other major producers including Russia, Australia and Canada are likely to report stable production growth in comparison with the previous year.
Fitch predicts 15.4% year-on-year decline in global nickel ore production in 2020. However, on a long-term basis, the production is expected to grow by an annual average rate of 1.7% during the ten-year period from 2020 to 2029. This is significantly lower when compared with the average annual growth rate of 6.7% recorded during the past ten year period from 2010 to 2019.
The global nickel production is predicted to rise significantly from 2.1 million tonnes in 2020 to touch 2.8 million tonnes in 2029.
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