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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 projected to rise by 3% in 2013, reaching 1.7 million tons, compared to 2012. This increase is primarily driven by higher demand from the construction sector and related industries, which are expected to consume 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 growth is anticipated to partially offset the expected 3% decline in nickel use within the EU, which is forecasted to fall to 323,000 tons.
In addition, BREE reports that global nickel production is expected to decrease by 2% in 2012, reaching 2.1 million tons. Indonesia’s nickel output is projected to 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. Australia's total refined nickel output for the fiscal year 2012-2013 (ending June 30) is expected to reach 128,000 tons, representing a 5% increase from the previous fiscal year.
Regarding nickel prices, the BREE noted that the average spot price in the first quarter of 2013 was approximately $17,314 per ton, up 2% from the previous month. However, since February, prices have been on a downward trend due to reduced demand for refined nickel in the Asia-Pacific region. By mid-June, prices had fallen to around $14,000 per ton. Looking ahead, high inventory levels are expected to continue putting 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.