世界のニッケルの産出量とその市場

Abstract

Growing Chinese stainless steel industry driving nickel demand

Consumption of nickel is dominated by the stainless steel sector, which accounts for around 70% of demand for primary nickel. Since 2001, world output of stainless steel has increased at an average rate of almost 10%py, driven by China where growth has averaged over 50%py over the same period. At these growth rates China will overtake Japan as the largest primary nickel consuming country, possibly as early as 2006. The outlook for nickel demand to 2010 is one of higher than average growth than that for the other base metals. If the 5%py growth forecast by International Stainless Steel Forum in 2005 proves to be correct, then demand for nickel in stainless steel is likely to grow at between 3% and 5%py over the same period. There are a number of potential nickel mining and refining projects in various stages of development, as well as some expansions at existing facilities, that will ensure continued growth in supply of primary nickel to 2010. In the short term, with a small surplus forecast for the nickel market in 2006, Roskill expects the average nickel price to fall to around US$12,000t in 2006 from almost US$15,000 in 2005. The medium to longer-term outlook for nickel prices is good as nickel supply may struggle to match growth in demand, particularly after 2008. The key trends, issues and developments in the market are analysed in this major new report from Roskill. It provides a clear insight into the industry and its trends, and an authoritative analysis of the prospects for the future.

What the report gives you

• Independent, in-depth research and analysis
• Essential market intelligence for successful business planning
• Detailed survey of production in 46 countries
• Up-to-date profiles of over 80 nickel exploration, mining and refining companies and their activities, including Norilsk Nickel Mining, BHP Billiton, Western Mining Corporation, Inco and Falconbridge
• Forecasts for end-use consumption and world supply and demand

Report highlights

The major recent development on the supply side for nickel is Inco's proposed takeover of Falconbridge. If the takeover receives shareholder and regulatory approval, 'new' Inco will be the world's largest nickel producer, and sixth largest mining company. Combined production of Inco and Falconbridge in 2005 is estimated over 330,000t, 25% of world refined nickel output.

World mine production of nickel totalled 1.32Mt in 2004, the highest ever output recorded. Russia with 22%, Canada (14%), Australia (12%), Indonesia (10%) and New Caledonia (9%) were the principle producing countries.

World consumption of primary nickel reached 1.25Mt in 2004, after growing at over 4%py since 2001. Japan remains the main nickel consuming country with consumption totalling 192,500t in 2004 (15% of world consumption).

Despite short-term downturns in the aerospace and electronics industries, demand for nickel in high performance and special performance alloys is expected to continue to recover steadily in the medium term. The superalloy sector is forecast to increase at around 5%py on the back of more optimistic predictions for growth in civil air traffic.

The battery market continues to offer strong growth, albeit from a much smaller base, and offers significant upside potential in the longer term if, as appears probable, large nickel-metal hydride batteries become the future battery of choice in electric and/or hybrid vehicles. Of the other more minor end-uses, consumption of nickel in plating and other alloys steels is not expected to grow at much more than 2%py to 2010.

Table of Contents

1. Summary 1

2. History, properties, occurrence and resources of nickel 6

• 2.1History6
• 2.2Properties6
  • 2.2.1Health and environmental issues7
• 2.3Occurrence8
  • 2.3.1Sulphide ores9
  • 2.3.2Lateritic ores11
• 2.4Resources12
  • 2.4.1Ocean floor resources15

3. Mining, processing and refining of nickel 16

• 3.1Mining16
  • 3.1.1Mining of sulphide ores18
  • 3.1.2Mining of laterite ores18
• 3.2Processing19
  • 3.2.1Processing of sulphide concentrates20
    • 3.2.1.1Pyrometallurgical processing of sulphide concentrates21
    • 3.2.1.2Hydrometallurgical processing of sulphide concentrates21
  • 3.2.2Processing of laterite ores22
    • 3.2.2.1Pyrometallurgical processing of laterite ores23
    • 3.2.2.2Hydrometallurgical processing of laterite ores23
  • 3.2.3Matte refining25
    • 3.2.3.1Pyrometallurgical matte refining26
    • 3.2.3.2Hydrometallurgical matte refining26
  • 3.2.4Nickel products27
• 3.3Production costs30

4. World nickel production and supply data 31

• 4.1Mine production31
  • 4.1.1Nickel mining companies35
• 4.2Production of intermediate nickel products37
• 4.3Production of primary nickel37
  • 4.3.1Nickel refining companies43
  • 4.3.2New refinery developments44
• 4.4Supply and demand balance and stocks45

5. Exploration, mining and refining of nickel by country 46

• 5.1Albania46
• 5.2Argentina46
• 5.3Australia47
  • 5.3.1Resources of nickel in Australia48
  • 5.3.2Producers of nickel in Australia50
    • 5.3.2.1Western Mining Corporation Ltd (WMC)51
    • 5.3.2.2QNI Ltd56
    • 5.3.2.3Minara Resources Limited (formerly Anaconda Nickel Ltd)59
    • 5.3.2.4LionOre Australia61
    • 5.3.2.5MPI Mines Ltd62
    • 5.3.2.6Jubilee Mines NL63
    • 5.3.2.7Mincor Resources NL64
    • 5.3.2.8OMG Cawse Pty Ltd66
    • 5.3.2.9Sally Malay Mining Ltd67
    • 5.3.2.10Consolidated Nickel Pty Ltd69
    • 5.3.2.11Fox Resources Ltd70
    • 5.3.2.12Tectonic Resources NL71
  • 5.3.3Potential nickel producers in Australia72
    • 5.3.3.1Browns72
    • 5.3.3.2Forrestania/Flying Fox74
    • 5.3.3.3Kalgoorlie Nickel Project74
    • 5.3.3.4Marlborough74
    • 5.3.3.5NORNICO75
    • 5.3.3.6Syerston75
    • 5.3.3.7Young76
  • 5.3.4Past producers of nickel in Australia76
    • 5.3.4.1Preston Resources76
• 5.4Austria77
• 5.5Belgium77
• 5.6Botswana78
  • 5.6.1Producers of Nickel in Botswana78
    • 5.6.1.1BCL Ltd78
    • 5.6.1.2Tati Nickel Mining Company80
  • 5.6.2Potential nickel-producing projects in Botswana81
• 5.7Brazil82
  • 5.7.1Resources of nickel in Brazil82
  • 5.7.2Producers of nickel in Brazil83
    • 5.7.2.1Votorantim Group83
    • 5.7.2.2Cia de Desenvolvimento de Recursos Minerais - Codemin SA85
  • 5.7.3Potential nickel-producing projects in Brazil85
• 5.8Burkina Faso86
• 5.9Burundi87
• 5.10Canada88
  • 5.10.1Producers of nickel in Canada91
    • 5.10.1.1Inco Ltd91
    • 5.10.1.2Falconbridge Limited97
    • 5.10.1.3Sherritt International Corporation100
    • 5.10.1.4North American Palladium Ltd101
    • 5.10.1.5Exploration projects for nickel in Canada102
  • 5.10.2Past producers of nickel in Canada104
• 5.11China104
  • 5.11.1Producers of nickel in China106
    • 5.11.1.1Jinchuan Non-Ferrous Metals Corp (JNMC)106
    • 5.11.1.2Other nickel producers in China108
• 5.12Colombia109
  • 5.12.1Producers of nickel in Colombia110
    • 5.12.1.1Cerro Matoso SA (CMSA)110
• 5.13Cuba111
  • 5.13.1Producers of nickel in Cuba112
    • 5.13.1.1Cubaniquel112
    • 5.13.1.2Moa Bay SA113
  • 5.13.2Potential nickel-producing projects in Cuba114
• 5.14Dominican Republic115
• 5.15Finland116
  • 5.15.1Producers of nickel in Finland117
    • 5.15.1.1Boliden Harjavalta (formerly part of Outokumpu Oy)117
    • 5.15.1.2OMG Harjavalta Nickel Oy117
  • 5.15.2Potential nickel production in Finland118
• 5.16France118
  • 5.16.1Producers of nickel in France119
    • 5.16.1.1Eramet119
• 5.17Germany119
• 5.18Greece120
• 5.19Greenland121
• 5.20Guatemala121
• 5.21India122
• 5.22Indonesia123
  • 5.22.1Producers of nickel in Indonesia124
    • 5.22.1.1P.T. Aneka Tambang124
    • 5.22.1.2P.T. International Nickel Indonesia126
  • 5.22.2New nickel mining developments in Indonesia127
    • 5.22.2.1Weda Bay127
    • 5.22.2.2Gag Island128
• 5.23Ivory Coast128
• 5.24Japan128
  • 5.24.1Producers of nickel in Japan130
    • 5.24.1.1Inco TNC Ltd130
    • 5.24.1.2Pacific Metals Company Ltd (Taiheiyo Kinzoku KK)131
    • 5.24.1.3Sumitomo Metal Mining Company Ltd (Sumitomo Kinzoku Kozan KK)131
    • 5.24.1.4Hyuga Smelting Co Ltd131
    • 5.24.1.5Nippon Yakin Kogyo Co Ltd132
    • 5.24.1.6Other nickel producers in Japan132
• 5.25Kazakhstan132
• 5.26Korea, South133
• 5.27Kosovo133
• 5.28Madagascar133
• 5.29New Caledonia134
  • 5.29.1Producers of nickel in New Caledonia136
    • 5.29.1.1Societe Le Nickel - SLN136
    • 5.29.1.2Independent nickel producers in New Caledonia137
  • 5.29.2Potential nickel projects in New Caledonia137
    • 5.29.2.1Goro138
    • 5.29.2.2Nakety/Bogota138
    • 5.29.2.3Koniambo139
    • 5.29.2.4Prony and other projects139
• 5.30Norway139
  • 5.30.1Mining of nickel in Norway140
  • 5.30.2Producers of nickel in Norway140
    • 5.30.2.1Falconbridge Nikkelverk140
  • 5.30.3Potential nickel mining projects in Norway141
    • 5.30.3.1Espedalen141
    • 5.30.3.2Vakkerlien141
• 5.31Papua New Guinea141
• 5.32Philippines142
  • 5.32.1Producers of nickel in the Philippines143
    • 5.32.1.1Rio Tuba Nickel Mining Corporation143
    • 5.32.1.2Taganito Mining Corp143
    • 5.32.1.3Cagdinao Mining Corp143
    • 5.32.1.4Hinatuan Mining Corp144
    • 5.32.1.5Coral Bay Nickel Corp144
  • 5.32.2Potential nickel mining projects in the Philippines144
    • 5.32.2.1Nonoc144
    • 5.32.2.2Mindoro145
    • 5.32.2.3Other nickel projects145
• 5.33Russia145
  • 5.33.1Resources of nickel in Russia147
  • 5.33.2Producers of nickel in Russia148
    • 5.33.2.1MMC Norilsk Nickel148
    • 5.33.2.2Ufaleinickel151
    • 5.33.2.3Yuzhuralnickel152
    • 5.33.2.4Rezh Nickel152
• 5.34Serbia and Montenegro152
• 5.35South Africa153
  • 5.35.1Resources of nickel in South Africa153
  • 5.35.2Producers of nickel in South Africa154
    • 5.35.2.1Anglo Platinum155
    • 5.35.2.2Impala Platinum Ltd156
    • 5.35.2.3Lonmin Platinum157
    • 5.35.2.4Nkomati joint venture158
    • 5.35.2.5Northam Platinum Limited158
    • 5.35.2.6Palabora Mining Co158
    • 5.35.2.7Aquarius Platinum South Africa159
  • 5.35.3Prospective nickel producers in South Africa159
• 5.36Spain160
• 5.37Taiwan160
• 5.38Tanzania160
• 5.39Turkey161
  • 5.39.1Producers of nickel in Turkey161
    • 5.39.1.1European Nickel Plc161
• 5.40UK161
  • 5.40.1Producers of nickel in the UK162
    • 5.40.1.1Inco Europe162
    • 5.40.1.2BHP Billiton163
    • 5.40.1.3Other nickel producers in the UK163
• 5.41Ukraine163
• 5.42USA163
  • 5.42.1Primary production of nickel in the USA164
  • 5.42.2Secondary production of nickel in the USA165
• 5.43Venezuela165
• 5.44Vietnam165
• 5.45Zambia166
• 5.46Zimbabwe166
  • 5.46.1Producers of nickel in Zimbabwe167
    • 5.46.1.1Bindura Nickel Corporation Ltd167
    • 5.46.1.2Rio Tinto Zimbabwe Ltd168
  • 5.46.2Production as a by-product of platinum mining in Zimbabwe168
    • 5.46.2.1Zimplats Holding Ltd168
    • 5.46.2.2Mimosa Platinum Project169
    • 5.46.2.3Unki170

6. Consumption of nickel 171

• 6.1Consumption of nickel by end-use177
• 6.2Outlook for nickel180

7. End-uses for nickel 182

• 7.1Use of nickel in stainless and heat resisting steels182
  • 7.1.1Classification, compositions, characteristics and applications of stainless steel182
    • 7.1.1.1Austenitic and super-austenitic stainless steels183
    • 7.1.1.2Martensitic stainless steels186
    • 7.1.1.3Ferritic and super-ferritic stainless steels186
    • 7.1.1.4Duplex and super-duplex stainless steels187
    • 7.1.1.5Stainless casting steels188
    • 7.1.1.6Heat resisting steels189
    • 7.1.1.7Powder metallurgy stainless steels189
    • 7.1.1.8Precipitation hardening stainless steels190
  • 7.1.2Forms of nickel used in stainless steel190
  • 7.1.3Production of stainless steel194
  • 7.1.4Consumption of stainless steel199
  • 7.1.5Markets for stainless steel202
    • 7.1.5.1Kitchenware and catering203
    • 7.1.5.2Chemical and petrochemical203
    • 7.1.5.3Transport204
    • 7.1.5.4Tubes and pipes206
    • 7.1.5.5Construction206
    • 7.1.5.6Other markets207
  • 7.1.6Consumption of nickel in stainless steel and outlook207
    • 7.1.6.1Growth in the stainless steel industry208
    • 7.1.6.2Product mix of stainless steel production209
    • 7.1.6.3Scrap consumption211
    • 7.1.6.4Future demand for nickel in stainless steel212
• 7.2Use of nickel in nickel alloys214
  • 7.2.1Use of nickel in high performance alloys/superalloys216
    • 7.2.1.1Nickel-base high performance alloys218
    • 7.2.1.2Cobalt-base high performance alloys220
    • 7.2.1.3Iron-base high performance alloys221
    • 7.2.1.4High performance alloy processing technology222
    • 7.2.1.5Recycling of HPA scrap225
    • 7.2.1.6Consumption and markets for high performance alloys225
  • 7.2.2Use of nickel in special performance alloys234
    • 7.2.2.1Thermal expansion alloys234
    • 7.2.2.2Electrical resistance alloys236
    • 7.2.2.3Magnetic alloys236
  • 7.2.3Use of nickel in general technical alloys239
    • 7.2.3.1Nickel-copper alloys/cupro-nickel alloys239
    • 7.2.3.2Coinage alloys241
    • 7.2.3.3Copper-nickel-manganese (Constantan)242
    • 7.2.3.4Nickel-copper-zinc242
    • 7.2.3.5Aluminium-nickel243
    • 7.2.3.6Aluminium bronzes243
    • 7.2.3.7Phosnic bronzes243
    • 7.2.3.8Bronze and brass casting alloys243
    • 7.2.3.9Shape-memory-effect (SME) alloys244
    • 7.2.3.10Nickel-chromium alloys245
    • 7.2.3.11Nickel quaternary alloys245
    • 7.2.3.12Ultra-high nickel alloys and nickel metal246
    • 7.2.3.13Nickel alloy coatings and castings246
  • 7.2.4Outlook for nickel in nickel alloys247
• 7.3Use of nickel in plating249
  • 7.3.1Types of plating250
    • 7.3.1.1Electroplating250
    • 7.3.1.2Electroless (autocatalytic) plating251
    • 7.3.1.3Selective plating251
    • 7.3.1.4Immersion coating252
    • 7.3.1.5Electroforming252
  • 7.3.2Applications of industrial nickel plating and coating252
  • 7.3.3Outlook for nickel in plating253
• 7.4Use of nickel in other alloy steels254
  • 7.4.1Full alloy steels257
    • 7.4.1.1Structural or alloy engineering steels257
    • 7.4.1.2Maraging steels257
    • 7.4.1.3Carbide strengthened steels258
  • 7.4.2Tool steels258
  • 7.4.3Lean steels259
  • 7.4.4Bearing steels259
  • 7.4.5Other full alloy steels259
  • 7.4.6Outlook for nickel in other alloy steels260
• 7.5Use of nickel in batteries261
  • 7.5.1Types of nickel-containing batteries261
    • 7.5.1.1Nickel-cadmium batteries261
    • 7.5.1.2Nickel-metal hydride batteries263
    • 7.5.1.3Nickel-zinc cells264
    • 7.5.1.4Nickel-iron cells265
  • 7.5.2Production and markets for secondary batteries266
  • 7.5.3Electric vehicles271
  • 7.5.4Outlook for nickel in batteries273
• 7.6Use of nickel in catalysts275
  • 7.6.1Markets for nickel in catalysts276
• 7.7Use of nickel in chemical uses277
  • 7.7.1Ceramics and glass277
  • 7.7.2Dyes and pigments277
• 7.8Use of nickel in cast iron277
  • 7.8.1Grey cast iron278
  • 7.8.2Ductile cast iron279
  • 7.8.3Austenitic cast iron279
  • 7.8.4Martensitic white cast iron279
• 7.9Use of nickel in hydrogen storage280
• 7.10Use of nickel in in-situ composites281

8. International trade in nickel 282

• 8.1Trade in nickel ore and concentrates283
  • 8.1.1Exports of nickel ore and concentrates283
  • 8.1.2Imports of nickel ore and concentrates285
• 8.2Trade in nickel matte288
  • 8.2.1Exports of nickel matte288
  • 8.2.2Imports of nickel matte291
• 8.3Trade in ferro-nickel293
  • 8.3.1Exports of ferro-nickel293
  • 8.3.2Imports of ferro-nickel296
• 8.4Trade in nickel sinter300
  • 8.4.1Exports of nickel sinter301
  • 8.4.2Imports of nickel sinter303
• 8.5Trade in unwrought nickel metal305
  • 8.5.1Exports of unwrought nickel metal305
  • 8.5.2Imports of unwrought nickel metal310
• 8.6Trade in nickel powder and flake314
  • 8.6.1Exports of nickel powder and flake314
  • 8.6.2Imports of nickel powder and flake317

9. Marketing and prices of nickel 320

• 9.1London Metal Exchange320
  • 9.1.1Historical movements in LME nickel price322
  • 9.1.2Recent movements in LME nickel price324
    • 9.1.2.1Stainless steel output and nickel price movement326
    • 9.1.2.2Stocks to consumption ratio and nickel price movement326
    • 9.1.2.3Nickel supply and nickel price movement327
    • 9.1.2.4Speculative fund activity and nickel price movement327
• 9.2New York dealer nickel price328
• 9.3Market outlook for nickel prices329
  • 9.3.1Forecast nickel demand329
  • 9.3.2Forecast nickel supply330
  • 9.3.3Published forecasts for nickel prices330
  • 9.3.4Roskill nickel price forecast331

List of Tables

• Table 1: Selected properties of nickel7
• Table 2: Nickel-containing minerals9
• Table 3: World: Reserves and reserve base of nickel, 200513
• Table 4: World: Nickel mines by country, location, type and reserves16
• Table 5: Nickel smelter feed composition at selected smelters 20
• Table 6: World: Nickel smelters and refineries by location and product28
• Table 7: World: Mine production of nickel by country, 1995 to 2004 32
• Table 8: World: Nickel mine production by principal country, 1995 to 200434
• Table 9: Nickel mine production by principal company and operation,36
• Table 10: World: Production by country of nickel intermediate products processed in other countries, 1999 to 2004 37
• Table 11: World: Production of primary nickel by country, 1995 to 2004 38
• Table 12: World: Production of primary nickel by principal country, 1995 to 200440
• Table 13: Primary nickel production by principal company and operation, 2002 to 2004 43
• Table 14: New nickel refinery developments44
• Table 15: World: Supply and demand balance of primary nickel, 1995 to 200445
• Table 16: Producer, LME and US stockpiles of nickel, 1995 to 200445
• Table 17: Australia: Supply and disposal of nickel, 1999 to 2004 48
• Table 18: Australia: Main nickel resources by property and company, 200449
• Table 19: Australia: Nickel mine production by company, 2001 to 2004 50
• Table 20: Australia: Production of primary nickel by company, 1999 to 2004 51
• Table 21: Australia: WMC: Nickel reserves and resources, 31st December 200452
• Table 22: Australia: WMC: Nickel division production, 1999 to 200454
• Table 23: Australia: QNI: Production and sales of nickel and cobalt, 1998 to 2004 58
• Table 24: Australia: Minara Resources: Production of nickel and cobalt, 2000 to 2004 60
• Table 25: Australia: Minara Resources: Mineable ore reserves, 2002 and 200361
• Table 26: Australia: MPI: Black Swan reserves and resources, 200163
• Table 27: Australia: Jubilee Mines: Mine production of nickel, 2001 to 200564
• Table 28: Australia: Mincor: Nickel production summary, 1st quarter 200565
• Table 29: Australia: Centaur Mining: Production of nickel and cobalt, 1998 to 200167
• Table 30: Australia: Fox Resources: Quarterly production summary, 2004 and 200571
• Table 31: Australia: Fox Resources: Resources at Radio Hill and Mt. Sholl deposits, 200571
• Table 32: Australia: Tectonic Resources: Production statistics for the RAV 8 project, 200572
• Table 33: Botswana: BCL: Nickel reserves and resources, December 200079
• Table 34: Botswana: BCL: Production of ore, concentrates and metal, 1997 to 200479
• Table 35: Botswana: Tati Nickel: Production statistics, 2000 to 200481
• Table 36: Brazil: Supply and disposal of nickel, 1999 to 200482
• Table 37: Brazil: Nickel resources, 200083
• Table 38: Brazil: Cia Niquel Tocantins: Production of nickel and cobalt, 1998 to 200484
• Table 39: Burundi: Buhinda deposit resources87
• Table 40: Canada: Supply and disposal of nickel, 1998 to 2004 90
• Table 41: Canada: Inco: Ontario Division mines, 200494
• Table 42: Canada: Falconbridge: Nickel production by mine, 1996 to 200498
• Table 43: Canada: Sherritt International: Production of nickel and cobalt, 1990 to 2004101
• Table 44: Canada: North American Palladium: Operating results, 1999 to 2004102
• Table 45: China: Supply and disposal of nickel, 1999 to 2004 105
• Table 46: China: Nickel mining operations, 2004106
• Table 47: China: Nickel smelting and refining operations, 2004106
• Table 48: China: JNMC: Pproduction of nickel and copper, 2001 to 2004 107
• Table 49: Colombia: Production and exports of nickel, 1999 to 2004 110
• Table 50: Cuba: Production and exports of nickel, 1999 to 2004 112
• Table 51: Dominican Republic: Supply and disposal of nickel, 1999 to 2004 115
• Table 52: Finland: Supply and disposal of nickel, 1999 to 2004 116
• Table 53: France: Supply and disposal of nickel, 1999 to 2004 118
• Table 54: Germany: Supply and disposal of nickel, 1999 to 2004 120
• Table 55: Greece: Production and exports of nickel, 1999 to 2004 120
• Table 56: Indonesia: Production and exports of nickel, 1999 to 2004 123
• Table 57: Indonesia: Antam: Nickel production, 1999 to 2004125
• Table 58: Indonesia: Antam: High-grade ore reserves and resources, 2003125
• Table 59: Japan: Supply and disposal of nickel, 1999 to 2004 129
• Table 60: Japan: Producers of refined nickel130
• Table 61: South Korea: Imports and consumption of nickel, 1999 to 2004 133
• Table 62: New Caledonia: Production and exports of nickel, 1999 to 2004 134
• Table 63: New Caledonia: Principal nickel mining companies136
• Table 64: Norway: Supply and disposal of nickel, 1999 to 2004 140
• Table 65: Philippines: Production and exports of nickel, 1999 to 2004 142
• Table 66: Russia: Supply and disposal of nickel, 1999 to 2004 146
• Table 67: Russia: production of nickel, 2004148
• Table 68: MMC Norilsk nickel production, 2004149
• Table 69: Division of Norilsk nickel sales, 2004149
• Table 70: South Africa: Supply and disposal of nickel, 1999 to 2004 153
• Table 71: South Africa: Anglo Platinum: Nickel production by section, 1999 to 2004155
• Table 72: Impala Platinum refined nickel output, 2000 to 2004 157
• Table 73: Taiwan: Imports of nickel, 1999 to 2004160
• Table 74: UK: Supply and disposal of nickel, 1999 to 2004162
• Table 75: USA: Supply and disposal of nickel, 1999 to 2004 164
• Table 76: Zimbabwe: Production and exports of nickel, 1999 to 2004 167
• Table 77: Zimbabwe: Zimplats Nickel matte production, 2003 to 2005 169
• Table 78: World: Consumption of primary nickel, 1995 to 2004 172
• Table 79: World: Nickel consumption by principal countries, 1995 to 2004 174
• Table 80: Main uses for major commercial forms of primary nickel177
• Table 81: Selected countries: Consumption of primary nickel by end-use, 1995 to 2004 178
• Table 82: Selected countries: Estimated division of world primary nickelconsumption by end-use, 1995 to 2004179
• Table 83: USA: Reported consumption of secondary nickel by use, 2001 to 2004 180
• Table 84: World: Forecast demand for primary nickel by major use, 2010181
• Table 85: Austenitic stainless steel: Composition, characteristics and applications184
• Table 86: AISI grades of nickel-bearing martensitic stainless steels186
• Table 87: AISI grades of nickel-bearing ferritic stainless steels187
• Table 88: Composition of selected super-ferritic stainless steels187
• Table 89: Selected nickel-bearing duplex stainless steels188
• Table 90: Composition of selected stainless steel castings189
• Table 91: World (excl. Russia and China): Nickel content of stainless steel produced by region, 1992 to 2000194
• Table 92: World: Production of stainless steel by region, 2001 to 2006 195
• Table 93: World: Production of crude stainless steel by country, 1995 to 2004197
• Table 94: World: Leading producers of stainless steel, 2002, 2003 and 2005198
• Table 95: World: Consumption of stainless steel by country, 1995 to 2004200
• Table 96: Western world: Nickel consumption in stainless steel, 2003 to 2005208
• Table 97: Selected countries: Share of stainless steel production held by austenitic grades, 1999 to 2005 210
• Table 98: World: Stainless steel usage and scrap availability by region, 2003 211
• Table 99: World: Stainless steel scrap availability by source, 1997 to 2003 211
• Table 100: USA: Consumption of primary nickel in nickel alloys, 1994 to 2004215
• Table 101: Japan: Shipments of nickel alloys and superalloys by type, 1996 to 2003 216
• Table 102: Elements and their function in superalloys217
• Table 103: Leading producers of high performance alloys218
• Table 104: Composition of selected nickel-base HPA219
• Table 105: Composition of selected nickel-bearing cobalt-base high performance alloys221
• Table 106: Composition of nickel-iron high performance alloys222
• Table 107: Composition of typical single crystal nickel-base superalloys 223
• Table 108: End-uses for high performance alloys produced by Special Metals Inc. and Cabot Corp.227
• Table 109: Leading manufacturers of aircraft engines230
• Table 110: Manufacturers of engines for major aircraft and their products, 2004230
• Table 111: Composition of nickel-base thermal expansion alloys 235
• Table 112: Selected thermal expansion alloys: Properties and end-uses235
• Table 113: Composition and properties of Permalloy soft magnet alloys237
• Table 114: Composition and properties of some nickel-bearing hard magnet alloys238
• Table 115: Composition of Monel alloys 240
• Table 116: Composition of nickel-containing copper casting alloys 244
• Table 117: Chemical composition of Ni-Cr dental alloys245
• Table 118: USA: Reported sales of nickel by form to platers, 1992 to 2004 250
• Table 119: World: Production of bearing and other alloy steels by area, 2000 and 2002 254
• Table 120: World: Production of alloyed tool and high-speed steels by area, 2000 and 2002 255
• Table 121: USA: Reported consumption of nickel in other alloy steels, 1992 to 2004 256
• Table 122: Comparison of lean steel composition with other 11-12%Cr steels 259
• Table 123: Nickel-based alkaline cells261
• Table 124: Major advantages and disadvantages of sealed NiCd batteries263
• Table 125: Major advantages and disadvantages of sealed NiMH batteries264
• Table 126: Characteristics of nickel-iron (Ni-Fe) and nickel-zinc (Ni-Zn) battery systems266
• Table 127: Japan: Production of secondary batteries, by type, 1994 to 2005270
• Table 128: Nominal energy density of energy sources271
• Table 129: World: Forecast production of secondary batteries, 1999 to 2010274
• Table 130: Japan: Consumption of nickel in catalysts, 1992 to 2004275
• Table 131: Principal processes using nickel catalysts276
• Table 132: USA: Reported consumption of nickel in cast iron by form, 1992 to 2003 278
• Table 133: World: Summary of trade data for nickel by primary form, 2002 to 2004282
• Table 134: Reporting countries: Exports of nickel ore and concentrates by country of destination, 2002 284
• Table 135: Reporting countries: Exports of nickel ore and concentrates by country of destination, 2003 285
• Table 136: Reporting countries: Exports of nickel ore and concentrates by country of destination, 2004 285
• Table 137: Reporting countries: Imports of nickel ore and concentrates by country of origin, 2002 287
• Table 138: Reporting countries: Imports of nickel ore and concentrates by country of origin, 2003 287
• Table 139: Reporting countries: Imports of nickel ore and concentrates by country of origin, 2004 288
• Table 140: Reporting countries: Exports of nickel matte by country of destination, 2002 290
• Table 141: Reporting countries: Exports of nickel matte by country of destination, 2003 290
• Table 142: Reporting countries: Exports of nickel matte by country of destination, 2004 290
• Table 143: Reporting countries: Imports of nickel matte by country of origin, 2002292
• Table 144: Reporting countries: Imports of nickel matte by country of origin, 2003292
• Table 145: Reporting countries: Imports of nickel matte by country of origin, 2004293
• Table 146: Reporting countries: Exports of ferro-nickel by country of destination, 2002 295
• Table 147: Reporting countries: Exports of ferro-nickel by country of destination, 2003 295
• Table 148: Reporting countries: Exports of ferro-nickel by country of destination, 2004 296
• Table 149: Reporting countries: Imports of ferro-nickel by country of origin, 2002298
• Table 150: Reporting countries: Imports of ferro-nickel by country of origin, 2003299
• Table 151: Reporting countries: Imports of ferro-nickel by country of origin, 2004300
• Table 152: Reporting countries: Exports of nickel sinter by country of destination, 2002 302
• Table 153: Reporting countries: Exports of nickel sinter by country of destination, 2003 302
• Table 154: Reporting countries: Exports of nickel sinter by country of destination, 2004 302
• Table 155: Reporting countries: Imports of nickel sinter by country of origin, 2002304
• Table 156: Reporting countries: Imports of nickel sinter by country of origin, 2003304
• Table 157: Reporting countries: Imports of nickel sinter by country of origin, 2004305
• Table 158: Reporting countries: Exports of unwrought nickel metal by country of destination, 2002 307
• Table 159: Reporting countries: Exports of unwrought nickel metal by country of destination, 2003 308
• Table 160: Reporting countries: Exports of unwrought nickel metal by country of destination, 2004 309
• Table 161: Reporting countries: Imports of unwrought nickel metal by country of origin, 2002 311
• Table 162: Reporting countries: Imports of unwrought nickel metal by country of origin, 2003 312
• Table 163: Reporting countries: Imports of unwrought nickel metal by country of origin, 2004 313
• Table 164: Reporting countries: Exports of nickel powder and flake by country of destination, 2002 315
• Table 165: Reporting countries: Exports of nickel powder and flake by country of destination, 2003 316
• Table 166: Reporting countries: Exports of nickel powder and flake by country of destination, 2004 316
• Table 167: Reporting countries: Imports of nickel powder and flake by country of origin, 2002 318
• Table 168: Reporting countries: Imports of nickel powder and flake by country of origin, 2003 318
• Table 169: Reporting countries: Imports of nickel powder and flake by country of origin, 2004 319
• Table 170: Monthly average LME cash price for nickel, 1985 to 2005323
• Table 171: Comparison of cash and 3-month annual average nickel prices, 1985 to 2004325
• Table 172: Comparison of New York dealer and LME cash monthly average prices for nickel, 1999 to 2005328
• Table 173: Forecast expansion in nickel supply, 2006 to 2010330
• Table 174: World: Forecast nickel supply and demand, steel production and LME nickel price, 2006 to 2010333

List of Figures

• Figure 1: World: Nickel production, consumption and prices, 1992 to 20041
• Figure 2: World: Nickel production and consumption, 1992 to 2004 2
• Figure 3: Average grades of nickel sulphide ores by country 10
• Figure 4: Average grades of laterite reserves by country 12
• Figure 5: World: Division of USGS nickel reserve base by principal country, 200514
• Figure 6: World: Division of nickel mine production by region, 200433
• Figure 7: World: Nickel mine production by region, 1995 to 2004 33
• Figure 8: World: Nickel mine production by principal country, 1995 to 2004 35
• Figure 9: World: Division of primary nickel production by region, 200439
• Figure 10: World: Primary nickel production by region, 1995 to 2004 39
• Figure 11: Division of primary nickel production by principal country, 200441
• Figure 12: Australia: Mine and primary nickel production, 1968 to 2004 47
• Figure 13: WMC: Diagram of operations53
• Figure 14: Australia: Forecast production of nickel by Sally Malay, 2004/05 to 2006/0768
• Figure 15: Botswana: Mine and intermediate production of nickel, 1992 to 2004 78
• Figure 16: Canada: Mine and primary nickel production, 1980 to 200489
• Figure 17: Canada: Inco Ltd: Production of nickel, 1979 to 2004 92
• Figure 18: New Caledonia: Production and exports of nickel, 1989 to 2004 135
• Figure 19: Russia: Production and exports of nickel, 1989 to 2004 147
• Figure 20: World primary nickel consumption by region, 1995 to 2004171
• Figure 21: Division of world primary nickel consumption by region, 2004172
• Figure 22: Comparison of world primary nickel production and consumption by region, 2004 174
• Figure 23: World nickel consumption by principal countries, 1995 to 2004176
• Figure 24: World: Consumption of primary nickel and production of stainless steel, 1995 to 2004176
• Figure 25: World: Approximate division of primary nickel consumption by end-use, 2004 178
• Figure 26: World (excl. Russia and China): Comparison of nickel content of stainless steel produced by region, 1992 and 2000 193
• Figure 27: World: Stainless steel production by region, 1995, 1999 and 2004 196
• Figure 28: World: Division of stainless steel production by principal country, 1994 and 2004 198
• Figure 29: World: Average growth rates in stainless steel consumption, 1998 to 2004201
• Figure 30: World: Consumption of stainless steel by principal country, 2004 201
• Figure 31: World, China and India: Consumption of stainless steel by end-use 202
• Figure 32: World: Production of stainless steel and consumption of primary nickel, 1993 to 2010213
• Figure 33: China: Production of stainless steel and consumption of primary nickel, 1993 to 2010213
• Figure 34: World: Division of high performance alloy market by industry, 2004 226
• Figure 35: USA: Aerospace industry sales by product group, 1988 to 2005 229
• Figure 36: Boeing and Airbus: Aircraft deliveries, 1990 to 2004231
• Figure 37: World: Civil aircraft engine deliveries, 1984 to 2023248
• Figure 38: World: Production of bearing and other alloy steels by area, 2002 255
• Figure 39: World: Production of alloyed tool and high-speed steels by area, 2002 256
• Figure 40: World: Sales of rechargeable batteries, by type, 1985 to 2003 267
• Figure 41: World: Production of rechargeable batteries, by country, 2000 to 2004 268
• Figure 42: Japan: Output of secondary batteries by type of cell, 1993 and 2004 269
• Figure 43: Division of world trade in nickel by primary form, 2004282
• Figure 44: Exports of nickel ore and concentrates by principal country, 2002 to 2004 283
• Figure 45: Division of exports of nickel ore and concentrates by principal country, 2004284
• Figure 46: Imports of nickel ore and concentrates by principal country, 2002 to 2004 286
• Figure 47: Division of imports of nickel ore and concentrates by principal country, 2004286
• Figure 48: Exports of nickel matte by principal country, 2002 to 2004 289
• Figure 49: Division of exports of nickel matte by principal country, 2004289
• Figure 50: Imports of nickel matte by principal country, 2002 to 2004 291
• Figure 51: Division of imports of nickel matte by principal country, 2004291
• Figure 52: Exports of ferro-nickel by principal country, 2002 to 2004 294
• Figure 53: Division of exports of ferro-nickel by principal country, 2004294
• Figure 54: Imports of ferro-nickel by principal country, 2002 to 2004 297
• Figure 55: Division of imports of ferro-nickel by principal country, 2004297
• Figure 56: Exports of nickel sinter by principal country, 2002 to 2004301
• Figure 57: Division of exports of nickel sinter by principal country, 2004301
• Figure 58: Imports of nickel sinter by principal country, 2002 to 2004303
• Figure 59: Division of imports of sinter by principal country, 2004303
• Figure 60: Exports of unwrought nickel metal by principal country, 2002 to 2004 306
• Figure 61: Division of exports of unwrought nickel metal by principal country, 2004306
• Figure 62: Imports of unwrought nickel metal by principal country, 2002 to 2004 310
• Figure 63: Division of imports of nickel metal by principal country, 2004311
• Figure 64: Exports of nickel powder and flake by principal country, 2002 to 2004 314
• Figure 65: Division of exports of nickel powder and flake by principal country, 2004315
• Figure 66: Imports of nickel powder and flake by principal country, 2002 to 2004 317
• Figure 67: Division of imports of nickel powder and flake by principal country, 2004317
• Figure 68: Nickel price and LME stocks, 1985 to 2005321
• Figure 69: Annual average nickel prices, 1951 to 2004322
• Figure 70: Annual average cash and forward nickel prices, 1985 to 2004325
• Figure 71: LME nickel stocks and price movement, 2003 to 2005327
• Figure 72: World: Forecast of nickel demand and supply, 1997 to 2010 331
• Figure 73: World: Nickel demand, steel production and LME nickel price, 1998 to 2004332
• Figure 74: World: Forecast nickel supply and demand, steel production and LME nickel price, 2000 to 2010333