{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"Nickel Remains Bullish on Demand Despite Predicted Retracement","html":"","width":"100%","height":180,"duration":1567,"description":"Recording date: 17th October 2023Has been 2 weeks since we last talked about the nickel market, and as expected market is trading down in the $18-$19,000 range and a few more thousand tonnes come on LME. Expect a further move over the next 6-8 weeks down to the $17,500 level before year-end as another 10,000 - 20,000 tonnes of nickel hits LME, and then rebound into year-end as EV demand re-accelerates and stainless production continues to build on recent strengths.“Great convergence” well-underway – sulphate now back to par with briquettes, NPI discounts continue to narrow.Rho Motion EV Sales - September 2023 Global EV sales reached a monthly record in September 2023 with over 1.3 million units, growing by 23% compared to the same period last year and 7% month-on-month, bringing YTD PC & LDV EV sales to 9.5 million. Sales in China have grown by 33% YTD, in EU & EFTA & UK by 27%, and in the US & Canada by 60%.Was in London last week for LME week – always like it because you get to see producers, traders, and consumers in one time period to help understand the market. And then went to the US for a Stainless Steel conference.Key LME week takeaways:- Per the last session, nickel is in surplus but not as large as many are projecting as missing the in-process inventories.- Cobalt market going to come under pressure from HPAL and new Chinese Congo projects- Opportunity for meltshop growth in the United StatesNickel Industries buying 55% of Excelsior Nickel project which is an HPAL project – going to target low carbon footprint with power coming from sulphur burning for acid production and a 200 MW solar project. Projects built and operated by Tsingshan. ENC is expected to produce 72,000 metric tons per annum of contained nickel equivalent across the three major class 1 nickel products being mixed hydroxide precipitate (MHP), nickel sulphate and nickel cathode. ENC will be the first HPAL globally with the capacity to produce the three major class 1 nickel products, ...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}