Digital Transformation Slows Down the Global Economy
Nickel Prices See New Dip in Prices as Market Condition Worsens
By Shubhendra Anand , 02 February, 2024
Nickel prices have witnessed changing prices since last year and are expected to move into 2024 with the same trend. The nickel prices continued a dip in trend until November 2023; however, the nickel prices were in a balanced position at the beginning of December 2023.
Based on a survey conducted in 2023, Nickel's performance proved worst among the metals, with a decline of 45 percent in the market. Experts believe the nickel market repelled itself from the core in 2023, leading to its downfall. The nickel market condition has yet to uplift in the metal sector in 2024 to create a balance; however, the prices of nickel metal will dive into the global production cost curve in 2023. Therefore, expert analysis suggests that supply on the cutbacks of nickel metal from the mines can negatively affect the market situation in 2024.
In December of 2023, the nickel prices stabilized in the market; however, it was not enough to meet the seasonal pickup seen in the year's first quarter. According to the experts, they suggest an early phase of 2024 is expected to see an additional supply, but it may fail to meet the record of past years. Simultaneously, with such market conditions, producers may increase the base prices. Therefore, the supply flow is a pressing need in the metal industry for 2024. Indonesia and China are among the top countries with rapid growth in nickel metal throughout 2023 and are expected to continue with such development in 2024. there are slow outputs from the miners in the case of Nickel, where there are increasing surplus projections in the metal industry. Zinc is expected to face the same situation as Nickel in 2024. Nickel is necessary to produce batteries; however, other alternatives are rising. With the growth of electrification in the market, Nickel must be balanced, as it is also used in batteries for electric vehicles.
Data on Nickel Warehouse Inventories Till January 2024
Latest News
Digital Transformation Slows Down the Global Economy
Globally, the nations are facing downward momentum in their economic activities. The financial condition of advanced economies is declining rapidly in 2024. Surveys suggest that advanced economies are facing economic challenges due to various…
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
The growing clean energy transition process is forcing companies to make significant decisions regarding the storage of clean energy. Germany's energy market surges in power with necessary steps towards uplifting clean energy. The increasing…
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Fast moving consumer goods (FMCG) are the important goods that consumers use in their daily activities. These products are otherwise known as consumer-packaged goods, thus, they include a range of products, such as food and beverages, healthcare…
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels…
Global Economy Attains Stability, may Affect Consumers Behavior
The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic…
Shubhendra Anand
Head Research
Latest News
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
Global Economy Attains Stability, may Affect Consumers Behavior
