From Creamer's Mining Weekly, October 19:
During an International Nickel Study Group (INSG) meeting on October 17 and 18, the group deduced that there will be negative growth in the stainless steel sector and that nickel will increasingly be used in batteries for electric vehicles (EVs), with both sectors set to increase output in 2023.
Government and industry participants extensively discussed current nickel market trends during the INSG meetings, during which they highlighted the combined impact of the Covid-19 pandemic and Russia’s invasion of Ukraine – which have resulted in energy constraints, higher inflation and lower economic growth.
These factors have led to increased uncertainty in the global commodity markets, highlighted by the world stainless association’s figures for the first three months of the year pointing to stainless steel melt shop production decreasing by 3.8% year-on-year to 14.5-million tonnes....
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It appears the market is already there. From Reuters via Kitco, October 24:Global nickel market surplus at 25,000 tonnes in August - INSG
