Presentation: Nickel - The necessity of higher prices [pdf ... - Hatch

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METAL BULLETIN 25 TH INTERNATIONAL FERROALLOYS CONFERENCE, 2009 Long-term Ni prices have averaged just under $14,000/tonne in real terms (2008 $) Long-term Ni prices ($/tonne) Drivers of long-term Ni price 40,000 30,000 Nominal Real (2008 prices) Supply / Demand Long-term stainless production Long-term Ni availability, investment vs. exploitation 20,000 Long-term real average Supplier / Consumer power balance Consolidation in Ni, stainless industries Backward / Forward integration 10,000 0 1900 1908 Source: USGS, LME, Hatch Beddows 1916 1924 1932 1940 1948 1956 1964 1972 1980 1988 1996 2004 18 Technology Reduction in marginal costs of mining, processing Greater accessibility of ores Processing of by-products Substitution Non-nickel stainless, Li-ion batteries
METAL BULLETIN 25 TH INTERNATIONAL FERROALLOYS CONFERENCE, 2009 Long-term stainless steel production has risen at a CAGR of 4.5% since 1965 kt 30,000 Stainless steel production Mt 30 Stainless steel production by series, 2001-09 25,000 25 20,000 20 15,000 15 10,000 10 5,000 5 0 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 300 400 200 Other Source: Vale, ISSF, Hatch Beddows 19
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Presentation: Nickel - The necessity of higher prices [pdf ... - Hatch

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