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.
Russian mining and metals giant Nornickel has raised its global nickel surplus estimate for the current year due to lower than expected consumption in the battery sector, the company said in a market report.
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.
Glencore announced on Monday it has reduced its nickel production guidance for this year by 9% to approximately 102,000 metric tons due to maintenance and strikes.