Nickel market update

Mar 15, 2021

 

Nickel demand is projected to grow around 9% in 2021 driven by the surge in Electric Vehicle production.

While supply is expected to grow at a more tepid 6% for the year, despite strong Indonesian production growth.

The surplus in the nickel market is expected to shrink from 126,000 tonnes in 2020, to 55,000 tonnes in 2021, further supporting the rally in prices.

However, we could see higher volatility in nickel prices as supply/demand dynamics play out, with a strong emphasis on growth in demand from China.

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