Nornickel expects the stainless sector - the key end market for nickel - in the US to log a 13% drop in demand for the metal this year, far exceeding the 6% global decline versus 2019, due to the Covid-19 pandemic.
The smaller decline in China, the biggest regional nickel consumer, stems from the country's rapid recovered from the pandemic shock and restart of its economy in late March, Nornickel said in a market analysis
conducted with ICBC Standard Bank and published on Thursday May 14.
China accounts for about 70% of global annual nickel consumption
, and was a driver of 2019 growth in Nornickel’s nickel business last year, the company said in March.
Stainless steel consumption...