The latest report published by the World Metal Statistics Bureau (WBMS) shows that in September 2024, the global refined nickel production was 287,896 tons, the consumption was 285,062 tons, and the supply surplus was 2,834 tons.

LME Nickel Inventories Reach Over Three-Year High

In August, China's nickel ore imports increased by 41.5% month-on-month and ferronickel imports decreased by 42.6% year-on-year

WBMS: Global refined nickel supply is short by 6,800 tons in July 2024

Indonesia sees nickel price holding near current levels on new plants

WBMS: Global refined nickel oversupply was 1,500 tons in June 2024

BMI – a unit of Fitch Solutions – is maintaining its nickel price forecast for 2024 at $18,000/tonne as excess supply continues to drag prices down from 2022 levels, the analytics firm said in its latest market report.

Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits.