Nornickel Metals Market Review: Global Nickel Market to Record Surplus in 2025

It must be noted that the global nickel market recorded a third consecutive year of oversupply in 2023.

SEATTLE (Scrap Monster): Leading refined nickel producer Nornickel released its latest metals market review report, which provides forecasts for nickel, copper and platinum group metals (PGM) markets.

In 2024–2025, the business anticipates that the global nickel market will continue to have a surplus of 150,000 metric tons. The inflow of cathode nickel from recently opened plants in China is primarily responsible for the anticipated market surplus in high-grade nickel. Along with electric car batteries, the stainless steel, alloys, and special steel industries are expected to grow at a steady rate, contributing to a similar increase in nickel usage.

It must be noted that the global nickel market recorded a third consecutive year of oversupply in 2023.

Because copper demand is predicted to expand faster than the expansion of the global economy, Nornickel predicts that the global copper market will record a 200kt surplus in 2024 and a balance in 2025. Due mostly to Africa's improving production trends, the deficit worries have subsided. But in the upcoming decade, the industry is expected to face a significant supply shortage.

In 2025, the business anticipates that the palladium market will continue to be balanced. With a tiny 0.2 Moz deficit, the platinum market will be almost balanced. According to the report, South Africa's PGM mining output would continue to decline in 2025.

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