LNG And Offshore Energy Projects Face Delays As Nickel Prices Soar

A vigorous recovery from the global aerospace industry has increased demand for nickel, a key aircraft component prized for its corrosion resistance, high strength and exceptional mechanical properties. This could inadvertently complicate or delay new energy infrastructure developments by diverting metal supply from critical sectors such as upstream, offshore and liquefied natural gas LNG terminals, which use nickel for various equipment applications in extreme environments.

This challenge is partly due to the substantial costs of these materials, which can exceed $60,000 per tonne. In the global refining, chemical, power and LNG sectors, which collectively require close to 1 million metric tonnes of stainless-steel bars, it is estimated that only around 2,500 tonnes of high-nickel alloy bars will be utilized in 2023. However, this demand is poised to grow as several factors come into play.

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