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Period of sustained growth came to an end in Q4 2019,

before the virus

➔All growth in nickel use in 2019 was
Changes in quarterly global nickel usage
from China, which grew by 8.7%
2017: +10.2%
20%
2018: +6.8%
17% while rest of world fell by 4.7%
15%
13% 12%
12% ➔In 2020, China to grow by 4.4%,
2019: +2.3%
10% 9%
while rest of world falls by 18%!
5%
5% 4% 3%
2%
1% ➔We assume recovery in H2 will be
0%
0%
0% significant but annual growth will be
-2%
-5.6% this year
-5% -4%

-10% -9% -8%
➔We are projecting 8% YoY growth in
2020: -5.6%
-15% 2021 as impact of virus wanes
economic growth recovers strongly

Source: INSG, Macquarie Commodities Strategy, October 2020
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