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The international nickel price has reached a new high in nearly 11 years, and the global nickel inventory is now at the lowest level since December 2019 due to continuous declines.
Besides, owing to the escalating tensions between Russia and Ukraine, the nickel supply of Russia, whose nickel production accounts for 7% of the total global output, might be disrupted. Therefore, Citigroup raised the recent nickel price to US$26,000/ton as it believed that the nickel market will continue to be in short supply. Besides, the expected increase in demand for electric vehicle batteries will make supply tighter.
According to statistics from the World Bureau of Metal Statistics (WBMS), the global nickel market has a supply shortage of 144,300 tons last year, compared to a surplus of 84,000 tons in 2020.
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