SHANGHAI, Nov 30 (SMM) – According to a report by the Australian Department of Industry, Science, Energy and Resources (DISER), global nickel finished products consumption will record 2.7 million mt in 2021, an increase of 15%, and register 2.9 million mt and 3 million mt in 2022 and 2023, respectively.

According to the report, the current stainless steel market is still the main consumer of nickel in the world. Stainless steel output is expected to increase by 15% in 2021 amid government stimulus spending, but the growth rate may gradually slow to about 5% per year in the next two years. On the other hand, DISER suggested that the electric vehicle industry is booming and the battery industry will become the main driving force for the growth of nickel consumption in the future. The demand for nickel is expected to trend higher due to the continuous implementation of decarbonisation measures and the government's growing demand for EVs to offset the impact of COVID.