According to the International Nickel Study Group (INSG), global nickel demand was expected to continue growing in 2022, up by 8.6% year on year to more than 3 million tons for the first time, driven by the resumed stainless steel production and the strong demand for electric vehicle batteries.

Global nickel production was also expected to increase by 18.2% year on year this year, mainly owing to added production capacity in India.

Stainless steel is still the main reason for the growth in nickel demand. The nickel output hiked by 10.6% year on year to 56.3 million tons last year.

Goldman Sachs forecasted nickel consumption in electric vehicle batteries to rise by 62% year on year to 285,000 tons this year and by another 26% to 358,000 tons next year.