LME Nickel Inventories Reach Over Three-Year High

WBMS: Global refined nickel supply is short by 6,800 tons in July 2024

Indonesia sees nickel price holding near current levels on new plants

WBMS: Global refined nickel oversupply was 1,500 tons in June 2024

BMI – a unit of Fitch Solutions – is maintaining its nickel price forecast for 2024 at $18,000/tonne as excess supply continues to drag prices down from 2022 levels, the analytics firm said in its latest market report.

Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits.

Nickel premiums stayed flat around the world amid quiet trading in the week to Tuesday April 9.

The global nickel market had a surplus of 13,400 metric tons in January, down from a surplus of 23,100 metric tons a year earlier, data from the International Nickel Study Group (INSG) showed on Thursday.