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2025-12-15 19:23:53
[Nickel Market Oversupply Worsens, Giants Warn: When Will the Supply Surge End?] ⑴ Russian mining giant Norilsk Nickel significantly raised its global nickel oversupply forecasts for this year and next on Monday. ⑵ The company doubled its 2025 nickel oversupply forecast to 240,000 tons, up from 120,000 tons in July. ⑶ Simultaneously, it raised its 2026 oversupply forecast to 275,000 tons, more than double its previous forecast of 130,000 tons. ⑷ The company pointed out that the global nickel market has been in a state of oversupply for the past four years, mainly due to the rapid increase in supply caused by the continued growth of production in Indonesia. ⑸ In the palladium market, excluding investment demand, the market is expected to remain balanced in 2025; if investment demand is taken into account, there will be a supply gap of 200,000 ounces. A 100,000-ounce supply gap is expected in the palladium market in 2026 (again, excluding investment activity).
