According to Japanese Sumitomo Metal Mining Co., Ltd. (SMM), the global nickel market will be tightened in 2018 due to the increase in demand for electric vehicle batteries and stainless steel.

In 2018, the supply and demand gap in nickel might exceed 88,000 tons, which was higher than 83,000 tons previously forecasted in March. In 2017, the supply and demand gap in global nickel has reached 72,000 tons.