The global nickel market had a surplus of 13,400 metric tons in January, down from a surplus of 23,100 metric tons a year earlier, data from the International Nickel Study Group (INSG) showed on Thursday.

Nickel prices are proving a headache for miners across the world: oversupply of the metal plus low electric vehicle (EV) demand has created a profit-stealing two-year price slide.

According to Full Year 2023 Production Report released by Glencore, nickel volumes fell 9%, owing to higher third-party production at INO and Murrin Murrin maintenance.

Russian metals producer Nornickel on Monday said it expected a further decline in nickel output this year, hit by adverse geopolitical risks and postponed furnace repairs, following on from a drop in production in 2023.

Research firm BMI has revised downward its nickel price forecast for this year to $20 000/t from $20 600/t as the market remains in a supply glut.

The global nickel market had a surplus of 23,900 metric tons in September, up from a surplus of 14,200 tons in the same month of last year, data from the International Nickel Study Group (INSG) showed on Wednesday.

The global nickel market had a surplus of 27,400 metric tons in June, compared with a surplus of 16,200 tons in the same month last year, data from the International Nickel Study Group (INSG) showed on Monday.

Bofa cuts nickel price forecast to $22,063/t in 2023 ($23,222/t preciously); 2024 forecast unchanged at $21,250/t.