Nickel analysis in the first half of 2018 by Glencore

  • Friday, August 17, 2018
  • Source:ferro-alloys.com

  • Keywords:Glencore,analysis
[Fellow]Nickel analysis in the first half of 2018 by Glencore

[ferro-alloys.com]The nickel market remained in significant deficit in the first half of 2018, with demand exceeding supply and inventory levels decreasing rapidly.This trend is evident amid fundamentally robust global demand for austenitic stainless steel, a steady return of oil and gas/petrochemical related demand for nickel alloys and rapidly growing nickel off take from the battery sector.

Not with standing recent higher macroeconomic concerns overall demand for nickel-containing steel and alloys currently remains well supported by robust activity across regions and end-use market.

Supply-side gains during the first half of the year were driven entirely by nickel pig iron (NPI). With non-NPI supply stable year-on-year. Indonesian NPI capacity continued to ramp up, and while Chinese run-rates are currently impacted by government-imposed environmental constraints.We estimate that Chinese NPI production increased some 27% compared to H1 2017.

We project that global nickel demand will continue to exceed supply through the remainder of the year. Although with Chinese and Indonesian NPI production expected to increase in the coming quarters and demand growth typically easing in the second half of the year. Deficits are expected to narrow somewhat compared to the first half.

  • [Editor:王可]

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