[ Nickel ]
[ Nickel ]
World primary nickel production , usage and market balance ( in 1000 tonnes )
4000 800
3500 700
3000 600
2500 500
2000 400
1500 300
1000 200
500 100
0 0
-500 -100
-1000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ( f ) 2024 ( f )
BALANCE PRIMARY NICKEL PRODUCTION PRIMARY NICKEL USAGE
-200
Source : INSG ( October 2023 )
Combined Chinese and Indonesian NPI production was more than 1.5Mt in 2022 and is projected to increase by more than + 11 % in 2023 and almost + 4 % in 2024 . China ’ s output started to decline in 2019 , and Indonesia has ramped up NPI production over the last decade . On the other hand , Indonesia might limit new NPI licenses in the future , and there is an ongoing corruption investigation that caused delays in the issuance of quotas for nickel mining , leading to supply shortages that required some smelters to import ore from the Philippines to maintain operations . According to the Indonesian Nickel Miners Association ( APNI ), Indonesia hosts 330 nickel mining companies ( as of October 2023 ), distributed over six provinces ( South , Southeast and Central Sulawesi , Maluku , North Maluku and West Papua ). Southeast and Central Sulawesi have the largest concentration with 155 and 116 companies , respectively , while Maluku and West Papua are currently home to 1 and 2 miners . Three more work contracts have been awarded that will increase the total to 333 mining companies , covering 836,000 hectares of nickel concession area . Considering nickel processing facilities , APNI reports capacities of NPI , ferronickel and matte of 1,659kt / y in operation , 598kt / y under construction and a further 896kt / y planned . For MHP , these capacities are 145kt , 403kt , and 609kt , respectively . This would equate to ore requirements of 178Mt / y ( wet ) for operating plants ( in 2023 ), 116Mt / y for projects under construction and 174Mt / y for planned projects , resulting in a forecast of about 468Mt / y of ore required by 2026 . Estimated combined Indonesian exports of ferronickel ( FeNi ) and NPI ( excluding NPI in stainless steel , or STS ), nickel matte and mixed hydroxide precipitate ( MHP ) ( in nickel content ) surged in 2022 , with an increase of more than + 100 %. From January to August 2023 , the growth was + 44 %, compared with the same months in 2022 . Asian primary nickel production was 2.216Mt in 2022 (+ 23 %) and is forecast to reach 2.626Mt in 2023 (+ 18.5 %) and 2.878Mt in 2024 (+ 9.6 %). Indonesia raised output to 1.390Mt and 1.515Mt , consolidating its position as the world leader , followed by China with 1.020Mt and 1.145Mt , respectively . In Africa , primary nickel production rose + 9.6 % in 2022 and is expected to further increase by + 1.0 % in 2023 and + 9.1 % in 2024 .
The Americas had growth of + 8 % of primary nickel production in 2022 but are forecast to have negative growth of -13.2 % in 2023 , followed by a recovery of + 8.0 % in 2024 . Variations in 2023 were primarily due to Canada and Guatemala ( ProNiCo ’ s FeNix smelter was not allowed to produce in 2023 ; the company is a subsidiary of Solway Investment Group ). Canadian production is likely to recover in 2024 . News published in the beginning of October refers to the fact that Solway has received new licenses to resume operations . Despite a recovery in both the Russian Federation and Finland , production growth in Europe was flat in 2022 , due to all four ferronickel producers having stopped production as a response to high energy prices and lower demand from STS mills . At the beginning of April 2023 , the North Macedonian smelter resumed production . In 2023 , production is likely to decrease in the region by almost -4 %, because of anticipated lower output from the Russian Federation , partially compensated by the ramp up of Terrafame ’ s Battery Chemicals plant , commissioned in June 2021 , which will produce nickel sulphate
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