The global nickel market is expected to be in short supply for the third year in a row in 2018, mainly due to rising demand for stainless steel and nickel batteries, according to a new study by the international nickel research group (INSG).
INSG expects global nickel demand to be 21.5 million tons in 2017, with a supply of 2052 million tons and a shortfall of 98,000 tons. In 2018, the demand is 2259 million tons, with a supply of 220.60 million tons and a shortage of 53,000 tons. The shortfall is smaller than that of 2017.
According to international stainless steel BBS (ISSF), in the first half of 2017, the world's stainless steel output was 23.2 million tons, and the demand for nickel rose 5%.
INSG expects that stainless steel demand for nickel will not change in the second half of the year. Demand will grow in 2018, but not much. Nickel production growth will also lead to nickel demand.
Power batteries will be a new force driving demand for nickel.
