[ Nickel ]
[ Nickel ]
( GEM-NI1 ) 10,000 tons , Jingmen Gem ( GEM-NI2 ) 20,000 tons , Guanxi CNGR New Energy Science & Technology ( CNGR ) 25,000 tons , and Quzhou Huayou Cobalt New Material ( HUAYOU ) 36,600 tons . Combined output from the six brands totals 171,600 tons per year . All the remaining regions of the world are forecast to decrease primary nickel production in 2024 , mainly due to depleted or negative profitability caused by low nickel prices . European production is forecast to decline by -1.2 % in 2024 and -0.7 % in 2025 . The Americas are forecast to have negative growth of -15 % in 2024 and to recover by + 7.8 % in 2025 . In Oceania , output is expected to fall by a significant -31.2 % in 2024 and by a further -38.9 % in 2025 . In Africa , production is expected to decrease by -5.8 % in 2024 but then to rebound by + 5.6 % in 2025 . Outside Asia , a number of nickel producers have reduced output or suspended operations . In Australia , production is now halted at Malle Resources ’ Avebury ( since February 2024 ), Panoramic Resources ’ Savannah ( January 2024 ), First Quantum ’ s Ravensthorpe ( May 2024 ) and BHP ’ s Western Australia Nickel operations ( October 2024 ). Ambatovy , in Madagascar is likely to continue operating , but at a lower level than previously . Conversely , Russia ’ s Nornickel reduced production in 2023 but are likely to keep output stable at current levels . Looking specifically at ferronickel , over the past 3 years a number of traditional producers have ceased production :
Estimated nickel pig iron production ( in 1000 tonnes )
Sources : INSG , Antaike , SMM , MySteel
World primary nickel production , usage and market balance ( in 1000 tonnes )
Source : INSG ( September 2024 )
Larco in Greece ( August 2022 ), Solway Pobuzhskiy in Ukraine ( November 2022 ), Solway FeNix in Guatemala ( January 2023 ), Americano Nickel Falcondo in the Dominican Rep . ( mid-2023 line 1 and December 2023 line 2 ), Yildrim NewCo Ferronikeli in Kosovo ( November 2023 ), GSO Kavadarci in North Macedonia ( December 2023 ), SMSP / Glencore Koniambo in New Caledonia ( February 2024 ), and Tagaung Taung in Myanmar ( 2024 ). Additionally , in Japan , Pacific Metals Hachinohe ( 2022 / 23 ) and SMM Hyuga ( mid-2022 ) reduced production . Among the operations mentioned most remain closed with the exception of Tagaung Taung which is currently restarting . There is also speculation that FeNix and NewCo Ferronikeli could restart in the near future .
Primary nickel usage World nickel usage has grown steadily since 2009 , with the exception of 2020 , when it declined by -0.6 %. In 2024 and 2025 , usage is forecast to increase by + 4.8 % and + 5.0 %, respectively , with China being the main contributor in absolute terms in both years . Asia will account for 86.7 % and 86.8 % of global primary nickel usage in 2024 and 2025 , respectively , reinforcing its dominant position ( as a reference , Asia ’ s share in 2010 was 63 %). Primary nickel demand in China is forecast to rise by + 4.4 % in 2024 and by further + 4.9 % in 2025 . The country is the largest consuming market in the world and will use 63.5 % of the world ’ s primary nickel in both 2024 and 2025 . In terms of first use , Chinese demand continues to be mainly driven by trends in the stainless steel ( STS ) sector though the influence of the battery sector is growing . Indonesia started producing STS in 2017 and became the second most important nickel user globally in 2020 ( with usage growing to 210kt , surpassing that of Japan ). Demand in the country rose strongly in 2021 , reaching 383kt , but due to imports restrictions on STS applied by several countries it decreased in 2022 and again in 2023 . Consumption is predicted to recover in 2024 to a level of around 390kt and rise again by 9 % in 2025 . Indonesia is also aiming to develop a downstream battery and electric vehicles industry . Last October , the Indonesia Battery Corporation ( IBC ) and Contemporary Amperex Technology ( CATL ) formed a joint venture ( JV ) to
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