Home / Directory / List News / Detail News

Nickel price at lowest since 2021 on oversupply concerns

Glencore

Fri 01 Dec 2023, 09:00 AM

Share

Events


Nickel prices reached their lowest point in over two and a half years on Thursday due to persistent worries about oversupply putting pressure on the market.

Three-month nickel on the London Metal Exchange fell 0.9% to USD 16,280 per metric ton, its lowest since April 2021, before rebounding to USD 16,405 as of 08:50 GMT, still a decline of 0.2%.

The most-traded December nickel contract on the Shanghai Futures Exchange closed down 3.2% at 127,720 yuan (USD 17,711.58) a ton.

The global nickel market had a surplus of 23,900 metric tons in September, up from a surplus of 14,200 tons in the same month of last year, according to the International Nickel Study Group.

That compares with a surplus of 15,300 metric tons in August 2023.

During the first nine months of 2023, there was a surplus of 155,000 tons versus a surplus of 60,500 tons in the same period of last year, the data showed.

Data in thousands of metric tons:

Source: Reuters

Sept. 2023

Sept. 2022

August 2023

YTD 2023

YTD 2022

Mine production

337.6

298.5

337.6

2,732.8

2,368.1

Refined production

290.9

266.3

289.8

2,457.1

2,234.2

Refined usage

267.0

252.1

274.5

2,302.1

2,173.7

Balance

23.9

14.2

15.3

155.0

60.5

The global outlook for primary nickel production anticipates a 10.2% increase in 2022, building on the 5.1% growth observed in 2021 and the substantial 17.3% surge in 2022, as mentioned by the International Nickel Study Group director, Francisco Pinto, in a recent article for Stainless Steel World.

The surge in output is primarily attributed to Indonesia. Notably, China is poised to expand its production, particularly in nickel sulfate, rebounding from declines in 2020 and 2021.

The combined production of nickel pig iron from Indonesia and China surpassed 1.5 million tons in 2022, with expectations of a further 7% increase in 2023.

Image source: Glencore

Source: www.mining.com/Nickel price at lowest since 2021 on oversupply concerns

Advertisement

Relate News

News
22 Sep 2022, 08:00 AM

MIND ID Encourages Inalum and Antam to Complete Construction of Smelter Plant in West Kalimantan

nasional.kompas.com/
3204 Views
News
28 Jun 2023, 10:00 AM

Tires stocks are running low may disrupt mining operations

www.antaranews.com
2908 Views
News
13 Mar 2023, 09:12 AM

Petrosea signs MoU to roll out Tembo electric light vehicle conversion kits throughout Indonesia

im-mining.com
2892 Views
News
08 Mar 2023, 15:23 PM

Harita Nickel courts investors as Indonesian nickel expands

www.mining-technology.com
2629 Views
Hello! We would like to talk to you.Please fill the details below to start chatting with us.