Nickel demand – Stainless Steel
According to the International Nickel Study Group world primary nickel production was 1.99 million tonnes in 2016 and it is projected to increase to 2.05 million tonnes in 2017. Meanwhile, world primary nickel usage was 2.04 million tonnes in 2016, but should increase to 2.15 million tonnes in 2017. 2017 was the second consecutive year of deficit between production and demand.
“We estimate 2017 primary Ni demand in stainless will increase by almost 9% to more than 1.5Mt. We forecast continued growth for 2018 and beyond. “: Glencore, November 2017.
Nickel & Cobalt demand – the EV Battery Market
As Glencore asked in a presentation delivered in November 2017: “Where will all the primary nickel needed come from?” In the same presentation, Glencore stated “We conservatively estimate more than 10 million EVs will be sold a year in 2025 and that will generate net additional primary nickel requirements of over 400Kt Ni in 2025 only. Battery demand will very likely be a transformational demand event, which will turbo charge primary nickel demand in the next decade.”