Global stainless steel sector to experience negative growth in 2022, recovery in 2023
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Update time : 2022-10-21 18:46:44
According to the International Nickel Study Group (INSG), global nickel production was expected to increase from 2.61 million tons in 2021 to 3.04 million tons in 2022 and 3.39 million tons in 2023. Nickel consumption was expected to hike from 2021’s 2.77 million tons to 2.89 million tons this year and 3.22 million tons next year.
The global nickel market will have a surplus of 144,000 tons in 2022 and 171,000 tons in 2023, compared to a shortage of 163,000 tons last year.
INSG forecasted that the stainless steel sector will face negative growth this year, but recovery was expected in 2023, while nickel consumption in the electric vehicle battery industry will continue to grow.
Indonesia’s nickel pig iron production will increase further, mainly driven by the commissioning of new production capacity. However, the output of nickel pig iron in China was projected to decrease.
