https://www.miningweekly.com
Stainless Steel|Steel
Stainless Steel|Steel
stainless-steel|steel

Global nickel market surplus to widen in 2024 – INSG

A nickel operation in Indonesia

Photo by Reuters

3rd October 2023

By: Reuters

  

Font size: - +

The surplus in the global nickel market is expected to widen to 239 000 metric tons in 2024 from 223 000 tons this year, the International Nickel Study Group (INSG) said on Tuesday, signalling further pressure on the metal.

Prices for nickel CMNI3 on the London Metal Exchange are down 38% so far this year. High-grade "Class 1" nickel can be delivered against the LME contract, while production of lower-grade "Class 2" is soaring in Indonesia.

"Historically, market surpluses have been linked to LME deliverable/class I nickel but in 2023 and 2024 the surplus will be mainly related to class II and nickel chemicals," the INSG said.

Global demand for nickel is expected to increase to 3.47 million tons in 2024 from 3.20 million in 2023 due to recovery of the stainless steel sector and increased use of nickel in electric vehicle batteries, the Lisbon-based group said.

It expects global output to increase to 3.71-million tons in 2024 from 3.42-million in 2023 as Indonesia's nickel pig iron (NPI) production continue to rise.

Indonesia's new high-pressure acid leaching (HPAL) plants that produce mixed hydroxide precipitate (MHP) are also continuing to ramp up output, and the conversion of NPI to nickel matte is growing, the INSG said.

NPI production in China is likely to decrease in 2024 but nickel cathode and nickel sulphate production is anticipated to increase, it added.

Edited by Reuters

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On The Air (19/07/2024)
19th July 2024 By: Martin Creamer
Platinum, diamonds, hydrogen make headlines
Platinum, diamonds, hydrogen make headlines
19th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.525 0.563s - 163pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: