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INSG predicts a nickel surplus of 198,000 tons in 2025.

INSG predicts a nickel surplus of 198,000 tons in 2025.

The International Nickel Study Group, (INSG), on Thursday predicted a surplus of nickel market of 198,000 tons by 2025.

The group forecasts that global primary nickel consumption will be 3.537 millions tons in this year, and global production of primary nickel at 3.735million tons.

Lisbon-based group stated that the market balance for 2023 would be a surplus 170,000 tons. This will rise to 179,000 tonnes in 2024.

The primary use of nickel in the world was 3.193 millions tons and 3.347 tons respectively.

The report stated that delays in issuing mining permits (RKABs), led to nickel ore shortages on the market. It also added that the impact of new royalties in Indonesia's mining sector had yet to be fully assessed.

The report stated that the primary nickel output in China will also increase due to increased production of nickel cathode, nickel sulphate, and other nickel-containing products.

Nickel prices, which are used in electric vehicles and stainless steel, have fallen by over 7% since 2024. They are up about 3% this year. (Reporting and editing by Anjana Anil in Bengaluru, Ashitha Shivaprasad)

(source: Reuters)