Nickel
Introduction
Nickel is a metal with a bright future as it is the main alloying metal needed in the production of certain types of stainless steel.
The strength and life span of products manufactured using stainless steel are superior to the one’s produced using non-stainless steels.
Demand and Supply
World production of primary Nickel during 2011 was 1.612 million metric tonnes (MMT), up by 11.53% as compared with 1.446 MMT in 2010. Whereas, the world's consumption during 2011 was at 1.608 MMT vis-à-vis 1.465 MMT in 2010, up by 9.76%.
Global Scenario
Russia, Canada and Norway are the world's largest nickel exporters accounting for almost 49% of world exports. On the other hand, China, USA and Germany are the world's largest nickel importers accounting for around 48% of world imports.
Indian Scenario
The annual demand for nickel in India is around 40,000 MT and its market in India is totally dependent on imports.
Factors Influencing the Market
Nickel prices in India are fixed on the basis of the rates that rule on the international spot market, and Indian Rupee and US Dollar exchange rates.
Economic events such as national industrial growth, global financial crisis, recession and inflation affect metal prices.
Commodity-specific events such as the construction of new production facilities or processes, new uses or the discontinuance of historical uses, unexpected mine or plant closures, or industry restructuring affect the market.
Trade policies set by the Government (implementation or suspension of taxes, penalties, and quotas) affect supply as they regulate (restricting or encouraging) material flow.
Geopolitical events involving governments or economic paradigms and armed conflict can cause major changes.
As societies develop, their demand for metal increases based on their current economic position, which could also be referred as ‘National Economic Growth Factor’.
Introduction
Nickel is a metal with a bright future as it is the main alloying metal needed in the production of certain types of stainless steel.
The strength and life span of products manufactured using stainless steel are superior to the one’s produced using non-stainless steels.
Demand and Supply
World production of primary Nickel during 2011 was 1.612 million metric tonnes (MMT), up by 11.53% as compared with 1.446 MMT in 2010. Whereas, the world's consumption during 2011 was at 1.608 MMT vis-à-vis 1.465 MMT in 2010, up by 9.76%.
Global Scenario
Russia, Canada and Norway are the world's largest nickel exporters accounting for almost 49% of world exports. On the other hand, China, USA and Germany are the world's largest nickel importers accounting for around 48% of world imports.
Indian Scenario
The annual demand for nickel in India is around 40,000 MT and its market in India is totally dependent on imports.
Factors Influencing the Market
Nickel prices in India are fixed on the basis of the rates that rule on the international spot market, and Indian Rupee and US Dollar exchange rates.
Economic events such as national industrial growth, global financial crisis, recession and inflation affect metal prices.
Commodity-specific events such as the construction of new production facilities or processes, new uses or the discontinuance of historical uses, unexpected mine or plant closures, or industry restructuring affect the market.
Trade policies set by the Government (implementation or suspension of taxes, penalties, and quotas) affect supply as they regulate (restricting or encouraging) material flow.
Geopolitical events involving governments or economic paradigms and armed conflict can cause major changes.
As societies develop, their demand for metal increases based on their current economic position, which could also be referred as ‘National Economic Growth Factor’.
