APAC Region to Drive Robust Market Growth of Primary Nickel

Chinese stainless steel mills accounted for more than 50% of the total consumption of primary nickel.

SEATTLE (Scrap Monster): The latest research report published by 360 Market Updates foresees significant growth to global nickel market during the period from 2018 to 2023. The zooming electric vehicle market is likely to boost battery industry. The increasing demand from battery industry will result in rising demand for nickel base metal.

The demand for nickel is likely to post substantial growth in future, due to its increased use as the cathode material for lithium-ion batteries. In addition, nickel’s demand will be boosted by its increased usage to improve the energy density of batteries. Incidentally, higher-grade nickel ore producers including BHP, Vale and Sumitomo Corp., have already started to explore the possibilities of long-term supply deals with battery producers.

According to the report, stainless steel production accounted for over 60% of the total primary nickel demand in 2017. Surprisingly, Chinese stainless steel mills accounted for more than 50% of the total consumption of primary nickel. The increasing consumption level of nickel in China is likely to help Asia Pacific region dominate the world nickel market growth. The region is expected to remain as the largest nickel producer during 2018-’23, with projected production increases from Philippines, New Caledonia, Australia, Indonesia and China.

The report also covers major nickel companies including Anglo American, BHP, Glencore, Norilsk Nickel, Sumitomo Metal Mining Co. Ltd., and Vale Corporation. It also covers detailed assessment of feasibility of new investment projects.

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