2022 will be the 2nd year of a multi-year period of double-digit underlying demand growth.  Actual demand during decade to be eventually constrained by available supply. Stainless low single-digit, but EV only up 36%. Overall demand 6%. Supply growth 15% and ROW supply did grow!

Nickel in surplus (but inventory is supply chain build – not stockpiles). Nickel above $22k most of 2nd half and climbed to $24K+ in Q4. Matte saw strong growth (limited now by consumption). NPI at discount, but matte also at discount. 78% sulphate feed either matte/MHP by year-end

2023 will see the return of double-digit demand growth driven by high growth from EVs, a return to trend demand growth in stainless, and strong growth from alloys.