Nickel market: Can China’s demand slump, drive it to lower lows?4 min read
- Nickel is a naturally occurring, lustrous, silvery-white metal. It is the fifth most common element on earth and occurs extensively in the earth’s crust. However, most of the nickel is inaccessible in the core of the earth. Some of the key characteristics of nickel are its high melting point, resistance against corrosion and oxidation, ductility and catalytical properties, ease of deposit by electroplating and formation of alloys readily. Nickel plays an important role in our daily lives, making its way in myriad objects around us like food preparation equipment, mobile phones, medical equipment, transport, buildings, and power generation—the list is almost endless. There are about 3000 nickel-containing alloys in everyday use.
- About 65% of the nickel produced is used to manufacture stainless steel. Another 20% is used in other steel and non-ferrous alloys, often for highly specialized industrial, aerospace, and military applications. About 9% is used in plating and 6% for other uses, including coins, electronics, batteries for portable equipment, and hybrid cars. In many of these applications there is no substitute for nickel without impairing performance or increasing cost.
- Nickel gets precedence over other metals because it offers better corrosion resistance, better toughness, and better strength at high and low temperatures; it also provides a range of special magnetic and electronic properties.
- In the nickel market, risk management techniques are critical for participants such as producers, exporters, marketers, processors, and SMEs. Given an uncertain future, modern techniques and strategies, including market-based risk management financial instruments, such as ‘Nickel Futures’, offered on the MCX platform can improve efficiencies and consolidate competitiveness through price risk management.
Factors Influencing the Market
- Prices ruling in international markets.
- Indian rupee and US dollar exchange rates.
- Economic events such as national industrial growth, global financial crisis, recession, and inflation, affect the metal prices.
- Commodity-specific events, such as the construction of new production facilities or processes, unexpected mine or plant closures (natural disaster, supply disruption, accident, strike, and so forth), or industry restructuring, affect metal prices.
- Geopolitical events.
Nickel Ore Analysis in the market:
- Nickel is primarily sold for first use as refined metal (cathode, powder, briquet, etc.) or ferronickel. About 65% of the nickel consumed in the Western World is used to make austenitic stainless steel. Another 12% goes into superalloys (e.g., Inconel 600) or nonferrous alloys (e.g., cupronickel). Both families of alloys are widely used because of their corrosion resistance. The aerospace industry is a leading consumer of nickel-base superalloys. Turbine blades, discs and other critical parts of jet engines are fabricated from superalloys. Nickel-base superalloys are also used in land-based combustion turbines, such those found at electric power generation stations. The remaining 23% of consumption is divided between alloy steels, rechargeable batteries, catalysts and other chemicals, coinage, foundry products, and plating. The principal commercial chemicals are the carbonate (NiCO3), chloride (NiCl2), divalent oxide (NiO), and sulfate (NiSO4). In aqueous solution, the divalent nickel ion has an emerald-green color.
- The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges.
- Market Analysis and Insights: Global Nickel Ore Market:- The global Nickel Ore market is valued at xx million US$ in 2020 is expected to reach xx million US$ by the end of 2026, growing at a CAGR of xx% during 2021-2026.
Competitive Analysis of Nickel Ore Market: – The report detects several key companies of the market. It helps the reader understand the strategies and collaborations that players are expert in combat competition within the market. The report provides a big microscopic look into the Nickel Ore industry. The reader can identify the footprints of the manufacturers by knowing about the worldwide market revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the Nickel Ore market forecast period.
Key Players in the Industry listed below:
- MMC Norilsk Nickel
- Vale SA
- BHP Billiton
- Jinchuan Group
- Sherritt International Corp
- Eramet SA
- Sumitomo Metal Mining
- Anglo American
- Minara Resources
Market report further studies the Nickel Ore market growth, development status and future Nickel Ore trend across the world. Also, it splits Nickel Ore market by type and by applications to fully and deeply research and reveal market profile and prospects.
Market Segments by Type:
- Nickeliferous Limonite
Market Segments by Application:
- Steel Industry
- Aerospace Industry
- Electroplating Industry
- Chemical Industry