Nickel’s outlook dimmed by weak ex-China stainless steel market: ANZ

摘要

An expected double-digit drop this year in stainless steel output ex- China is dimming nickel’s outlook despite booming demand from the electric vehicles sector, analysts from ANZ bank said Sept. 11. “Nickel’s outlook is now tied to a desperately weak European market,” said ANZ Research analysts led by Daniel Hynes. While investors have looked to the emerging electric vehicle sector as nickel’s savior, over two-thirds of global nickel demand continues to be from the stainless steel industry, where production ex-China is expected to fall by 13.4 % in 2020, and not return to 2019 levels until 2023, they said.