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.

The transaction was expected to close by the first quarter of 2024.

“The demand for that type of steel is going to far outpace the supply of that material,” he added.

Investment fund Engine No. 1, known for its battle with Exxon Mobil Corp. and recently taking a surprise stake in Vale SA’s base metals business, is eying more deals in critical minerals.

The London Metal Exchange (LME) said on Thursday it had approved nickel produced by Quzhou Huayou Cobalt New Material, a subsidiary of China’s Zhejiang Huayou Cobalt, as a list brand and expects more brand applications in coming months.

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

Nickel supply surplus over the next two years will keep nickel prices lower, according to the Australian government’s latest Resources and Energy quarterly report. The LME nickel price, which is forecast to average about USD23,000/mt in 2023, respectively USD...

May 17 - The latest report released by the World Metal Statistics Bureau (WBMS) shows that in March 2023, the global refined nickel production was 233,100 tons, and the consumption was 227,500 tons, a supply surplus of 5,600 tons. Global nickel ore production ...