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Stainless steel still dominates nickel usage – batteries is still

small in terms of absolute usage

➔Stainless steel industry consumed

Global nickel consumption by first use, 2019 1.7mt of primary nickel last year (and

Batteries Other
7% 1% another 965kt of nickel in scrap)
Castings
2%
➔Batteries consumed around 170,000t

Plating
6% of nickel used in batteries

Non-ferrous ➔Stainless is 10x bigger than batteries
10%

Alloy steel ➔As a result of Covid-19 and
4% Stainless
steel collapsing oil price, demand in non-
70%
ferrous, alloy steel and plating is

being hit hard in 2020 (down 20%+?)

Source: INSG, ISSF, Macquarie Commodities Strategy, October 2020
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