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.
Ukraine reduced imports of nickel and nickel products by 49.3% to $3.9 million in January-March 2025.
In March, imports amounted to $1.92 million.
Exports of nickel products tripled to $361 thousand compared to $94 thousand last year, including $328 thousand in March.
In 2024, imports increased by 73.7% to $26.73 million, while exports rose to $602 thousand (+13%).
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the production of batteries, powder metallurgy, and chemicals.
In January 2025, Ukraine reduced imports of nickel and nickel products by 66% compared to the same period in 2024, to $1.216 million. In December 2024, this figure was $3.058 million. Nickel exports in January 2025 amounted to $33 thousand, while in December it was $17 thousand. In 2024, Ukraine exported nickel worth $532 thousand.
Nickel is used to produce stainless steel and for nickel plating. Nickel is also used in the production of batteries, powder metallurgy, and chemicals.
In 2024, Ukraine increased its imports of nickel and nickel products by 73.7% compared to 2023, to $26.730 million. In December, imports amounted to $3.058 million. Nickel exports amounted to $602 thousand for the year, and $17 thousand in December.
Nickel is used to make stainless steel and for nickel plating. Nickel is also used in the production of batteries, powder metallurgy and chemicals.
In January-November 2024, Ukraine increased imports of nickel and nickel products by 64.8% to $23.672 million. Nickel exports during this period amounted to only $585 thousand, which is 15% more than in the same period last year.
Nickel is used to make stainless steel and for nickel plating. Nickel is also used in the production of batteries, in powder metallurgy and in chemicals.
In January-October 2024, Ukraine increased imports of nickel and products by 77.8% compared to the same period in 2023 to $22.109 million (in October – $2.891 million).
In addition, in 2023, Ukraine decreased imports of nickel and products by 74.2% compared to 2022, to $15.391 million.
Exports of nickel and products for ten months of 2024 amounted to $572 thousand (in October – $64 thousand), while in January-October 2023 it was $257 thousand.
In 2023, exports of nickel and nickel products amounted to $532 thousand, while in 2022 they amounted to $1.268 million.
Nickel is used to make stainless steel and for nickel plating. Nickel is also used in the production of batteries, in powder metallurgy, and in chemicals.
