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Norilsk Nickel expects nickel market to have surplus

The company forecasts that the surplus of about 100,000 metric tons will remain in the market in 2025

MOSCOW, May 30. /TASS/. The surplus in the global nickel market in 2024 and 2025 may be about 100,000 metric tons, Russian mining and metals company Norilsk Nickel said in its review.

"We expect the nickel market to keep the surplus of about 100,000 metric tons in 2024 (compared to more than 190,000 metric tons as predicted in the prior review), while the low-grade nickel continue to account for the greater portion," the company said.

The company forecasts that the surplus of about 100,000 metric tons will remain in the market in 2025 because the growing nickel demand from melting and electric car sectors will be leveled up by commissioning of new nickel production facilities in Indonesia and growing offer of nickel and chemical compounds.