According to the Stainless Steel & Special Alloys Committee of the International Recycling Bureau (BIR), global stainless steel demand in the second quarter of this year will drop by 12% year-on-year to 11.9 million tons. In addition, global nickel demand in the electric vehicle battery industry is expected to decline by 15% year-on-year this year.
It is predicted that the overall demand for nickel in various industries will decline by 7% this year. Due to weak demand, this year the market will face a huge surplus of 130,000 tons. In addition, the total nickel inventory at the end of the first quarter reached the highest level since the third quarter of 2018.
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