Primary nickel production in the world will increase by 5.9% to 3.735 million tons in 2025, according to the International Nickel Study Group (INSG).
In 2024, it increased by 11.1% to 3.526 million tons.
These estimates do not take into account the possibility of any disruptions in the operation of enterprises, INSG said in a statement.
Indonesia is expected to continue to increase production of various types of nickel products, including nickel pig iron (NPI). In China, nickel production is forecast to grow this year due to higher output of cathode nickel and nickel sulfate, while NPI production is expected to decline further.
In other countries, mainly due to problems with profitability, a number of production facilities have been mothballed, reduced output or are considering one of these options in the future, INSG said.
Growth in the use of nickel in batteries for electric vehicles was weaker than expected, in particular due to competition from other types of batteries (mainly lithium-iron-phosphate), the organization’s analysts say.
Global consumption of primary nickel is expected to increase by 5.7% this year to reach 3.537 million tons. Last year, it increased by 4.8% to 3.347 million tons.
Thus, the global nickel market will remain in surplus. The surplus of the metal in 2023 amounted to 170 thousand tons, in 2024 – 179 thousand tons, and by the end of 2025, production will exceed demand by 198 thousand tons, according to INSG.
INSG is an independent intergovernmental organization founded in 1990 and based in Lisbon, Portugal. The members of the group are nickel producing and consuming countries: Australia, Brazil, Cuba, France, Germany, Finland, France, Germany, Italy, Japan, Norway, Portugal, Russia, Sweden, Sweden, the United Kingdom, and the European Union.
