Citic Securities said it expects nickel sulfate capacity to continue to be released in the next three years with the completion of the Qingshan "Pyrotechnics high nickel matte" route in 2021 and the coming online of a series of HPAL smelting projects in Indonesia. Overall, in the next 3-4 years, the global nickel supply may appear surplus, nickel price is expected to fall, high nickel ternary battery is expected to benefit from a large amount. But in the longer term, nickel prices are still dependent on new mines coming online.
He Pian-pian, an analyst of the institute, believes that the middle and lower enterprises that can quickly open up the nickel industry chain have obvious cost reduction potential, including Huayou Cobalt, Zhongwei Shares, Greenmei, Yiwei Lithium energy, Ningde Times, etc. There are also advantages for miners upstream towards the smelting end, including ANTAM and Nickel Asia.
