MOSCOW, December 4. /TASS/. The surplus on the nickel market can stand at 250,000 metric tons in 2023 and 190,000 metric tons in 2024, the Russian mining and metals company Norilsk Nickel says in its review.
"We have revised the market surplus forecast in 2023 to the increase from more than 200,000 metric tons to over 250,000 metric tons of nickel, with the bulk of it accounted for the low-grade nickel. This is explained in the first instance by lower-than-expected nickel consumption in the batteries sector," the company informed.
Furthermore, the forecast of the palladium market shortage was increased to 0.9 mln Troy ounces in 2023 because the secondary production market was revised to drop by 15% instead of growing by 9%. "In 2024, we expect the deficit in the palladium market will contract to 0.4 mln Troy ounces amid secondary production recovery, while the platinum market will remain with the deficit at approximately the same level of 0.3 mln Troy ounces, because the secondary processing volumes’ recovery will be leveled by the increase in industrial consumption in glass industry and electronics sectors," Norilsk Nickel said.