pierre-全球镍产品市场应用现状与拓展

TheCurrentStatusandExpansionofGlobalNickelProductMarketApplications.

TheCurrentStatusandExpansionofGlobalNickelProductMarketApplications.

TheCurrentStatusandExpansionofGlobalNickelProductMarketApplications.

TheCurrentStatusandExpansionofGlobalNickelProductMarketApplications.

THECURRENTSTATUSANDEXPANSIONOFGLOBALNICKELPRODUCTMARKETAPPLICATIONS

21October2025XiamenPierreDerieux

1.Nickelconsumptionusages

2.Focusonstainlesssteel

3.Focusinbatteries

2

3

NICKELCONSUMPTIONUSAGES

NICKELFIRSTUSE2024

Others

2%

AlloySteels3%

Plating

5%

Stainlesssteelisthelargestfirstusesectorfornickelfollowedbybatterieswhichhasbeenthehighestgrowthsectorforthepast10years

Foundries2%

NickelAlloys6%

Batteries

16%

StainlessSteel66%

Source:SMR

GmbH

4

5

Source:SMRGmbH

NICKELENDUSE2024

Mobility&

Transport

27%

Architecture,

Buildingand

Construction

12%

Nickelusageisverywideandispresentinalmostallindustries

OtherIndustria

Components

Process

5%

l

Others(defense,

medical,...)

4%

Industries

14%

Energy

11%

ConsumerGoods,

CateringandFood

Processing

27%

NICKELMARKETFLOW2024

Nickelmineproduction-3.78milliontons,Laterites86%;Sulphides14%

Primarynickelproduction-3.53milliontonnes

Ferronickel6%

Rounds

2%

Pellets

1%

Briquettes4%

ClassInickel(29%)ClassIInickel(59%)Others(13%)

Powder

2%

NOS

1%

Cathode

20%

NickelChemicals

13%

NPI

52%

Firstuseofnickel-3.35milliontons

Nickel-containingstainlesssteel

66%

Batteries

16%

Nickel-base

alloys

6%

Plating

5%

Alloysteel3%

Foundries

2%

Others

2%

Transport

27%

Enduseofnickel

Consumergoods,cateringandfoodprocessing27%

Process

Industries14%

ABC

12%

Energy

12%

OtherIndustrialcomponents5%

Others&

unallocated4%

Targetsectors

Transport&mobility28%

Processengineering27%

Food&Beverage21%

ABC

10%

Others&unallocated

7%

Consumergoods6%

Water

1%

Source:SMRGmbH

6

7

Source:INSG

WORLDPRIMARYNICKELUSAGE-FIRSTSEVENMONTHS2024VS2025

Therehasbeenanotableincreaseinprimarynickeluseofaround110ktinthefirstsevenmonthsof2025ascomparedtothesameperiodlastyear.Thisrepresentsanapproximate5.7%growthcomparedtothepreviousyear.

2024kt

5.7%

1914kt

Jan-Jul2024Jan-Jul2025

8

FOCUSONSTAINLESSSTEEL

9

Source:SMR

NICKELUSEBYFIRSTUSESECTOR

Stainlesssteelremainsthedominantnickelusesector,followedbybatteries;NickelusehasexhibitedaCAGRof6%,however,therelativeshareofvariousfirstusesectorshasremainedstableoverthepastfewyears

NickelUseCAGR2022-2023:6%

4000000

3500000

3000000

tons

2500000

2000000

1500000

1000000

500000

0

2022

2023

2024

StainlessSteel

65%

65%

66%

NickelAlloys

5%

6%

6%

AlloySteels

3%

3%

3%

Foundries

2%

2%

2%

Batteries

17%

16%

16%

Plating

5%

5%

5%

Others

3%

2%

2%

202220232024

StainlessSteelNickelAlloysAlloySteels

FoundriesBatteriesPlatingOthers

10

Source:SMRGmbH

EVOLUTIONOFWORLDSTAINLESSSTEELPRODUCTION:VOLUMEANDGRADESHARE

Globalstainlesssteelmeltshopproductionin2024wasaround62.6Millontonnes;7%higherthanthepreviousyear;10-yearCAGR~4%

70

60

50

Milliontonnes

40

30

20

10

0

20142015201620172018201920202021202220232024

300series200series400series

11

WORLDSTAINLESSSTEELPRODUCTION

VOLUMEANDGRADESHARE2023VS2024

Around80%ofstainlesssteelgradesarenickelcontaining

2023

2024

Ten-yearCAGR

300series

35Mt(59.3%)

37Mt(59.6%)

5%

200series

12Mt(20.3%)

13Mt(21.0%)

3%

400series

12Mt(20.3%)

12Mt(19.4%)

1%

Total

59Mt

62Mt

4%

Note:FigureinparenthesisrepresentsgradeshareasapercentageoftotalSource:SMRGmbH

WORLDSTAINLESSSTEELPRODUCTION:Q1-Q22025

Theworldstainlessassociationfiguresshowthetotalstainlesssteelmeltshopproductionforthefirsttwoquartersof2025was31.9milliontons.Thiswas3%higherthanthesameperiodlastyear.

Region

thousandtons

%change

Q22024

Q12025

Q22025

Q2'25/Q1'25

Q2'25/Q2'24

Europe(1)

1,625

1,608

1,542

-4.1%

-5.1%

USA

518

553

559

1.1%

7.8%

China

10,152

9,624

10,544

9.6%

3.9%

Asiaw/oChina

3.355

3,571

3,491

-2.2%

4.1%

Others(2)

219

223

225

1.0%

2.9%

Total

15,87

15,579

16,361

50%

31%

(1)-excludingRussiaandUkraine(2)-Brazil,Russia,SouthAfrica,Ukraine

Source:worldstainless

12

13

Source:SMRGmbH

CHINA’SSTAINLESSSTEELPRODUCTIONBYGRADE

FIRSTEIGHTMONTHS2025

China’sstainlesssteelgrowthdrivenby300series

•BetweenJanuarytoAugustChinaproduced27.25milliontofstainlesssteel,a3.2%increaseoverthefirsteightmonthsoflastyear.

Milliont

•Growthwasdrivenprimarilybythe300series,withoutputrisingby4.8%to13.9milliont.

•Productionofthe200and400seriesalsoincreased,by1.7%and2%respectively,reaching8.4milliontand5milliont.

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

300series200series400series

JanFebMarAprMayJunJulAug

CHINAANDINDONESIASTAINLESSSTEELPRODUCTIONVSTOTALWORLDPRODUCTION

MarketshareofChinahasincreasedfrom52%to63%inthepastdecade;Indonesia’ssharestandsat8%,given

thatitdidnotproducestainlesssteelbefore2017

70,000,000

60,000,000

1.In2024,ChinaandIndonesiatogetheraccountedfor70%ofglobalstainlesssteelproduction

50,000,000

40,000,000

30,000,000

20,000,000

tonnes

2.Withjustover5milliontons,IndonesianstainlesssteelsupplycanbeattributedmainlytotheChineseproducersTsingshanGroupandDelong.

10,000,000

0

2015201620172018201920202021202220232024ChinaIndonesiaRestoftheWorld

Source:SMRGmbH

14

CHINAANDINDONESIA-STAINLESSSTEELGRADESHARE2024

Morethan50%ofChina’sstainless

steelproductionis300series

400series

18%

300series54%

200series

28%

300series200series400series

AlmostentirestainlesssteelproductioninIndonesiais300series

200series1%

300series

99%

300series200series

15

CHINAINDONESIA

Source:SMRGmbH

16

Source:Worldstainless

Note:Datainthousandtonnes

STAINLESSSTEELMELTSHOPPRODUCTION-CHINAVSWORLD2024H1VS2025H1

Chinarecordedanincreaseof5%instainlesssteelmeltshopproductioninH12025vsH12024;Globalstainlesssteelmeltshopproductionrecordedanincreaseof3%duringthesameperiod

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

30,90331,940

20,169

19,177

2024H12025H1

WorldChina

17

FOCUSONBATTERIES

18

Source:SMRGmbH

EVOLUTIONOFGLOBALANDCHINA’SEVSALESANDCHINA’S

SHAREOFTHEGLOBALEVMARKET:2020-2024

Chinaaccountsfor64%shareoftheglobalEVmarkettoday

20,000,000

18,000,000

16,000,000

14,000,000

Units

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000

0

64%

58%58%

49%

42%

20202021202220232024GlobalEVsalesChina'sEVsalesChina'sshareinglobalEVmarket

70%

60%

50%

40%

30%

20%

10%

0%

EVSALESBYREGION:FIRSTEIGHTMONTHS2024VS2025

GlobalEVsalesareupby25%inthefirsteightmonthsof2025;around8millionEVssoldinChinaduringthisperiod

GlobalEVsales:12.4millionunits

25%

GlobalEVsales:9.9millionunits

2.6

1.91.3

1.1

8

6

2024(Jan-Aug)2025(Jan-Aug)

ChinaNorthAmericaEuropeAsia(exChina)RoW

Source:RhoMotion

EV

Assessment

19

MonthlyBatteryChemistryReportSeptember2025

20

Source:AdamasIntelligence

NICKELDEPLOYEDBYBATTERYSUPPLIERANDCHEMISTRYGLOBALLY:2024

Around323ktofnickelwasdeployedinEVbatteriesgloballyin2024;Ofthismorethanone-thirdwasdeployedinEV’sinChina

CellSupplierBatteryChemistry

Nickel

323,243tonnes

•In2024,around323ktofnickelweredeployedontoroadsinthebatteriesofallnewlysoldpassengerEVsglobally

•MajorityofnickelwasdeployedinhighnickelNCMchemistries:NCM8andNCM9(33%),followedbylownickelchemistriesNCM5andNCM1(24%)andmidnickelNCM6andNCM7(18%).NCAandNCMAtogetheraccountedforaround16%ofnickeluse.NickelmetalHydridebatteries(9%)wereusedinHEVs.

•CATL,LGEnergySolutionsandPanasonicweretopbatteryproducersbynickeldeployment

21

Source:AdamasIntelligence

NICKELDEPLOYEDBYBATTERYSUPPLIERANDCHEMISTRYINCHINA:2024

Ofthe323ktofnickelwasdeployedinEVbatteriesgloballyin2024;morethanone-thirdwas

deployedinEV’sinChina

CellSupplierBatteryChemistry

Nickel

112,890tonnes

NCM8-SiOx/C611%

•In2024,around113ktofnickelweredeployedontoroadsinthebatteriesofallnewlysoldpassengerEVsinChina

•MajorityofnickelwasdeployedinNCM5(48%)andNCM8(41%)batterychemistries

•CATL,CALBandLGEnergySolutionsweretopbatteryproducersbynickeldeployment

•Topmodelsbynickeldeploymentincluded:TeslaModelY;Zeekr001;LiAutoL7EREV;SAIC-VWID.3

•In2025,sofar,XiaomiSU7hasbecomethetopnickelusingEVinChinausingNCM8chemistry

22

EVOLUTIONOFNICKELUSEINELECTRICVEHICLES:2020-2024CHINAVSWORLD

DespitethedominanceofLFP-basedbattery