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Class 1 primary nickel to shift from stainless to battery

market out to 2025?

➔NPI production growth much faster
Nickel use in stainless steel production Total Ni in SS
Growth rate
2019-25F
3.8% a year total than total stainless production growth
3500
-8% a year
3250
218 ➔Potentially frees circa 150ktpa of
3000 232
192
2750 198
230 3% a year class 1 nickel from stainless use to
2500 356 224 1143
534 1099
2250 1055
1010 other uses (including batteries) from
963
2000 932
'000t Ni 1750 975 960 443 2019-2025
1500 416 422 433 1.4% a year
415
1250 392
407
1000 ➔LME stocks of 200kt+ of nickel
416
750 1455
1251 1331 1366 briquettes another supply source
1160
500 945 1060
736 7.5% a year
250
0
2018 2019 2020f 2021f 2022f 2023f 2024f 2025f
NPI Ferronickel Ni in scrap Other primary (class 1 and oxide)

Source: Company reports, Macquarie Commodities Strategy, October 2020
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