China to Run Up its Share in Global Nickel Consumption 31 per cent
Released on: September 3, 2008, 3:10 am
Press Release Author: Shushmul Maheshwari
Press Release Summary: Nickel consumption in China is mounting rapidly due to fast-paced urbanization across the country and increasing use of the metal in the industrial development sector.
Press Release Body: RNCOS has recently released a new research report - “Global Nickel Market Analysis” – which says that nickel consumption in China will account for 31% of the global consumption by 2011.
As per the report, China is the world’s biggest nickel consumer and produces a significant volume of the metal. In fact, half of the incremental global demand for nickel is due to rising consumption in China. Moreover, the metal is used in every sector of industrial development; as a result, the demand for nickel is rising stupendously. At present, the rapidly growing Chinese steel industry, which consumes nearly 40% of the total nickel available in the country, is stimulating the nickel demand.
Particularly the demand for nickel-based stainless steel (or austenitic steel) is soaring at a rapid pace in China, says the research. There are three major grades of austenitic steel used in China – 200 series, 300 series and 400 series, but iron-chromium-nickel-based 300 series steel is widely and commonly used in construction and manufacturing sectors.
The RNCOS report further says that rapid urbanization in China is expected to drive the demand for stainless steel, which, in turn, will increase the nickel consumption in the country. Further, the nickel consumption in the country surged by 170% between 2001 and 2006 to 0.23 Million Tons, making China the largest nickel consumer in CY05, leaving the US and Japan behind.
“Global Nickel Market Analysis” is a comprehensive research report closely tracking the nickel industry. It highlights and analyzes macroeconomic factors such as nickel production and consumption by product, price movement, import levels, and supply and demand situation. This report will help the clients to identify leading-edge opportunities critical to the success of the nickel industry at global level and in selected countries.
This research report also gives forecast on consumption of refined nickel, production of refined nickel and mine production in various countries, thus helping the potential investors to identify the most profitable venture.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today\'s globally competitive environment.
For more information visit: http://rncos.com/Report/IM604.htm Current Industry News: http://www.rncos.com/Blog/