China to become largest nickel consumer by 2008

China to become largest nickel consumer by 2008

An international nickel research team forecasts that China will become the largest nickel consumer by 2008. China currently imports 175’000 tons of nickel. The research team predicts that China’s imports will increase to 225’000 tons by 2008, surpassing Japan to become the world’s number one user. At the same time, China’s raw nickel output will increase to nearly 100’000 tons of output in 2008, accounting for 8% of total global nickel production. In 1990, China produced only 30’000 tons of nickel. The global nickel supply and demand balance quantity will be 1.31 million tons in 2005, experts say. Global nickel output has increased slightly in recent years, while stainless steel scrap supply has multiplied. World nickel demand will increase with an estimated annual growth rate of 3.5%. The slow down in 300 series stainless steel development, as well as the expanding production of 400 series stainless steel in Brazil, Italy, Japan and South Korea, have also helped to alleviate the pressure of tight nickel supply.