According to Italian maritime brokerage house Banchero Costa’s nickel ore market outlook, global nickel consumption is expected to continue to be driven by emerging economies, particularly China, as rapid industrialization leads to increased demand for stainless steel and other alloys.
The Banchero Costa report said that the manufacturing of alloys accounts for 80 percent of global nickel consumption, by far the most common being stainless steel. Being the world’s largest producer of stainless steel with output having grown on average by 20 percent per year over the past five years, China is the largest global importer of nickel ore, accounting for 86 percent of global imports in 2014. China’s imports increased on average 43 percent per year between 2008 and 2013, peaking at over 70 million mt.
Meanwhile, the EU is the world’s second largest consumer of nickel. Consumption peaked at 40 percent of global consumption in 2002 and has since been on the decline due to a reduction in the EU’s steel output capacity.