In 2024, demand for finished nickel is forecast to increase. This strong growth is largely driven by China, where stainless-steel production is not only recovering but also continuing to expand, despite reductions in stainless-steel production in other regions like Europe.
China's stainless-steel output surged
Global
stainless-steel production increased in 2023, according to World Stainless
Association. All regions experienced a decline in production except for China,
where stainless-steel output surged by 12.6%, representing over 60% of total
global production. In contrast, production in the rest of Asia fell by 7.2%,
and Europe saw a 6.2% decrease. In the US, stainless-steel production saw a
more significant drop of 9.6%, totalling only 1.8Mt in 2023. Stainless-steel
production growth is expected to remain robust in 2024, driving the demand for
finished nickel in the ferrous alloys sector to an estimated 2,082kt,
accounting for 61% of global demand.