Highlights Ni in NPI to provide a third of total output NPI discounts spur NPI-to-matte upgrade Ni market surplus to widen, stay beyond 2022 Global primary nickel production may grow 19% in 2022 to 3.21 million mt and the nickel deficit of 2021 should swing

Highlights China domestic production up 10.5% year-to-date Coal imports seen 17.6% down in 2022, nearly flat in 2023 Lockdowns, price controls curb import demand Russian coal exports to China seen rising in 2022 Even though China’s reliance on coal-fired power is not seen falling anytime

Highlights High global coal prices dampen imports Cement, steel plants face acute shortage Power shortage seen in several regions Several non-power sectors in Pakistan, including cement and steel plants, are either operating at significantly reduced capacities or shutting down plants on a temporary basis as

Highlights G7 stepping up sanctions on Russian energy Japan, EU also work together to reduce Europe’s dependency on Russian energy US LNG significant in alleviating global supply constraints: Kishida Japanese Prime Minister Fumio Kishida and the US President Joe Biden agreed May 23 to explore

Highlights UK, Netherlands electrolysis prices at parity Soaring power pushes up Queensland hydrogen costs Europe doubles 2030 hydrogen production targets Hydrogen cost-of-production assessments fell sharply across Europe, coming down from peaks in March when Russia’s military invasion of Ukraine sent feedstock gas and power prices