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The global nickel market for 2023 saw a surplus of 223 thousand tonnes (kt). Primary nickel production in 2023 is anticipated to reach 3.417 million tonnes (Mt) while usage is projected at 3.195Mt. Preliminary figures for 2024 indicate a further surplus of 239kt, with production forecast to rise to 3.713Mt and usage to reach 3.474Mt.
Global mine production of nickel in 2022 was estimated at
3.3 million tonnes, which is an increase of 20% from 2021. Indonesia was the largest producer at 1.6 million tonnes, or 49% of global mined production. Canada ranked sixth, producing 4% of the global total.
About 65% of the nickel consumed in the Western World is used to maker austenitic stainless steel.
Another 12% goes into superalloys or nonferrous alloys.
The remaining 23% of consumption is divided between alloy steels, rechargeable batteries, catalysts and other chemicals, coinage, foundry products, and plating.
Source 1: Stainless Steel World, Source 2. Government of Canada
CSE : PGR
