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Nickel supply growth all about nickel pig iron – rest of world
production static to falling
World primary nickel production by quarter, kt Ni
NPI share in total world nickel production
450
50%
400
45%
350 40%
300 35%
250 30%
200 25%
150 20%
100 15%
10%
50
5%
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F
0%
Ex-NPI NPI 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20192020F
% of total
Source: INSG, Antaike, Company data, Macquarie Commodities Strategy, October 2020
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