S&P’s latest report, as of April 2023, forecasts the price of the London Metal Exchange (LME) 3-month contract to average US$25,377/t in 2023, and rising above US$27,000/t by 2027.
This is despite a fallback, like other base metals, in March, as well as an expected surplus from supply in Indonesia.

According to our latest report, the supply of nickel Class I, essential for electric batteries, is expected to face a shortage for the next 3-5 years. We predicts a continued crunch in the nickel market despite increased production by Chinese nickel giant, Tsingshan.