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COVID-19 impacts the market: Supply
Primary refined nickel supply, 2017-2021 (kt Ni)
3,000
Refined nickel supply in 2020 +0.5% y-o-y
2,500 • National lockdowns introduced to mitigate the spread of
the virus have impacted nickel operations globally
2,000 • H1 2020 Chinese NPI output down 16% y-o-y, but
Indonesian NPI up 58% y-o-y over the same period
1,500 • World ex China and Indonesia in 2020 forecast to be
down 3.0% y-o-y
1,000 • Suspension of Ambatovy and other disruptions have led
Roskill to forecast a Class I nickel decline of 2.9% y-o-y in
2020
500
• Supply trends also being governed by events besides
COVID-19…
0
2017 2018 2019 2020 2021
Rest of World China Indonesia
