Nickel supply expected to boom this year
May 25, 2022
![Nickel supply expected to boom this year](https://d3rh8m1rlgcp00.cloudfront.net/wp-content/uploads/2022/05/Stainless-steel-contract-up2-1-4.jpg)
Global nickel usage surged by an extraordinary 16.2% in 2021 on the back of booming demand from both the stainless steel and battery end-use sectors. International Nickel Study Group (INSG) expects nickel usage to grow another 8.6 % this year, exceeding the 3.0 million tonne mark for the first time ever. Moreover, INSG is expecting a larger rate of expansion on the supply side. It is forecasting a massive 18.2% jump in global production.
(Source: Reuters)