Gasan Ramazanov has analyzed the key factors driving nickel prices up

Gazan Ramazanov has noted that this factor will make other countries participating in the market to step up their production capacities and increase nickel exports to make up for the shortages and maintain stable demand worldwide. The largest importers of Indonesian nickel are China, Canada, Finland and Japan. The Philippines also supplies nickel to China, Japan and South Korea. As China is going to be hit the most by the reduction in the Philippines’ nickel ore supplies, it will have to increase ore supplies from Russia, Australia, New Caledonia and Finland.

Nickel is used in consumer goods (battery manufacturing), industrial equipment, military equipment, transportation, aerospace industry, water transport and offshore facilities, as well as in stainless steel production. These sectors will be the first to experience a reduction in nickel supplies to the global market and a further appreciation of nickel prices.

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