[ Nickel ]
[ Nickel ]
World Primary Nickel Production , Usage and Market Balance ( in 1000 tonnes ) 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 2022 ( f ) BALANCE PRIMARY NICKEL PRODUCTION PRIMARY NICKEL USAGE
-200
Source : INSG ( April 2023 ).
produce mixed hydroxide precipitate ( MHP ) are continuing to ramp up output , and the first nickel sulphate project was commissioned in March by Lygend / Liqin . Most MHP and converted nickel matte will be exported to China to be further processed . Estimated combined Indonesian exports of FeNi and NPI ( excluding NPI in stainless steel ), nickel matte and MHP ( in nickel content ) surged in 2022 , with an increase of more than + 200 %. In January and February 2023 , exports grew by a further + 340 %, compared with the same months in 2022 . In Africa , primary nickel production rose + 9.6 % in 2022 and is expected to further increase by + 2.4 % in 2023 . The Americas had growth of + 8 % of primary nickel production in 2022 but are forecast to have negative growth of -10 % in 2023 . Despite the 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 stainless steel mills . However , since the beginning of April 2023 , output has resumed at the North Macedonian smelter . In 2023 , production is likely to decrease in the region by -3 %, mainly because of anticipated lower output from the Russian Federation . However , this will be partially compensated for by the ramp up of Terrafame ’ s Battery Chemicals plant , commissioned in June 2021 , which will produce nickel sulphate for electric vehicles ( EV ) batteries . In Oceania , primary nickel production recovered in 2022 , with an increase of + 4.6 %, and is forecast to rise by a further + 7.3 % in 2023 with growth in both Australia and New Caledonia ( France ).
Primary nickel usage World nickel usage has grown steadily since 2009 , with the only exception being in 2020 , when it declined by -0.6 %. In 2022 , usage rose by + 6.3 % and is forecast to increase by a further + 6.1 % in 2023 , to reach 2.955Mt and 3.134Mt , respectively . All world regions except Europe experienced growth in 2022 , and only Africa is expected to reduce usage in 2023 . China will have the biggest increase in absolute volume . In 2022 , Asia accounted for 84.9 % of global primary nickel usage , reinforcing its dominant position ( as a reference , Asia ’ s share in 2010 was ‘ only ’ 63 %). Further growth of + 6.7 % is anticipated in the region in 2023 , reaching a share of 85.4 %. Demand in China , which used 59.2 % of the world ’ s primary nickel in 2022 , is forecast to increase by almost + 10 % in 2023 , driven by the battery sector in both years and by the stainless steel ( STS ) sector in 2023 . After starting production of STS in 2017 , Indonesia became the second most important nickel user in 2020 ( with usage reaching 210kt , surpassing that of Japan ) and achieved 370kt in 2022 . However , usage is projected to remain stable in 2023 . As anticipated , nickel usage in Europe declined by almost -5 % in 2022 , but is expected to recover by + 3 % in 2023 . Similarly , in the Americas , usage decreased by around -1 % in 2022 , and is projected to expand by + 3 % in 2023 . The trend in Africa was in the opposite direction , with a recovery of almost 5 % in 2022 , but a forecast decline of -28 % in 2023 . The STS sector remains the most important first-use market for nickel , although its share has been slowly declining since it peaked in 2020 . This is because of the growing electrification of vehicles . In 2022 , stainless steel accounted for almost 69 % of world
44 Stainless Steel World June 2023 www . stainless-steel-world . net