Nornickel raises forecasts for global nickel surplus 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.
Nornickel, the world’s largest producer of palladium and high-grade nickel, expects a global nickel surplus of more than 250,000 metric tons this year, up from previous estimates of 200,000 tons.
“Due to the continuing destocking cycle in the EV supply chain, a greater share of non-nickel LFP batteries, and a partial shift from BEV to PHEV sales in China, even though EV deliveries are still hitting new record highs. Meanwhile, the launch of new Indonesian nickel capacities continued at a high pace,” the report said.
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