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China's nickel consumption will increase by 7% in 2013
Abstract According to the Australian Bureau of Resources and Energy Economics (BREE), global nickel consumption is expected to rise by 3% in 2013, reaching 1.7 million tons, compared to 2012. This growth is primarily driven by increased demand from the construction sector and related industries, which are consuming more stainless steel products. The agency also forecasts that China’s nickel consumption will grow by 7% year-on-year, reaching 82,500 tons. This increase is anticipated to help offset the expected 3% decline in the European Union’s nickel demand, which is projected to fall to 323,000 tons in 2013.
At the same time, BREE reports that global nickel production is forecasted to decrease by 2% in 2012, totaling 2.1 million tons. Indonesia, one of the world's largest nickel producers, is expected to see its output drop from 460,000 tons in 2012 to 390,000 tons this year. Meanwhile, global refined nickel production is expected to remain stable at around 1.7 million tons for the year. In Australia, total refined nickel production for the 2012-2013 fiscal year (ending June 30) is projected to reach 128,000 tons, representing a 5% increase from the previous fiscal year.
Regarding nickel prices, the agency noted that the average spot price in the first quarter of 2013 was approximately $17,314 per ton, a 2% increase from the previous month. However, since February, prices have been on a downward trend due to weaker demand in the Asia-Pacific region. By mid-June, the price had dropped to around $14,000 per ton. Looking ahead, high inventory levels are expected to continue putting downward pressure on prices during the second half of the year. The annual average nickel price is estimated to be around $15,400 per ton, marking a 12% decline from 2012.