Norilsk Nickel (Nornickel), a Russian nickel and palladium mining and smelting company, predicted that the global nickel market will have a surplus of more than 200,000 tons this year, higher than its February estimate of 122,000 tons.

Indonesia’s stainless steel production was lower than expected, the consumption of nickel in the battery industry decreased sector, and nickel pig iron production in Indonesia and capacity in China and Indonesia both increased, so Nornickel raised its oversupply forecast of nickel.

In addition, the surplus was expected to surpass 180,000 tons in 2024, most of which will still be low-grade nickel.