Expected mine supply from existing and announced projects and primary supply requirements for nickel by scenario, 2035

Sources

IEA analysis based on data from company reports, S&P Capital IQ and Wood Mackenzie.

Notes

CPS = Current Policies Scenario; HDS = High Demand Scenario; STEPS = Stated Policies Scenario. The percentage values indicate the share of base case supply against 2035 primary supply requirements in the STEPS. Expected supply is based on mined or raw material output based on announced projects. Primary supply requirements are calculated as total demand net of secondary supply, also accounting for losses during refining operations.