The International Nickel Working Group (INSG) announced that it expects global nickel demand to increase from 2.96 million tons in 2022 to 3.13 million tons in 2023. The Lisbon-based group also predicted that global nickel production will increase from 3.06 million tons in 2022 to 3.37 million tons in 2023.
Nickel is a strategic metal widely used in the manufacture of automotive, construction and electrical devices. However, the estimates made by INSG indicate that nickel producers can respond to the increase in demand by increasing production.
What does nickel do, where is it used?
Nickel resists corrosion and is used to plate other metals to protect them. However, it is mainly used in making alloys such as stainless steel. Nichrome is an alloy of nickel and chromium with small amounts of silicon, manganese, and iron. It is resistant to corrosion even in extreme heat.
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