Norilsk Nickel reduces estimate of 2024 nickel surplus by almost half to 100,000 tonnes

MOSCOW. May 30 (Interfax) - Norilsk Nickel has reduced its estimate of the expected surplus in the nickel market in 2024 from over 190,000 tonnes to about 100,000 tonnes, the company's regular review said.

The revision is due to a slowdown in the commissioning of Indonesian projects and a steady increase in nickel consumption.

Most of the surplus (more than 70,000 tonnes) will still be made up of low-grade nickel.

The nickel market experienced a surplus of 164,000 tonnes at the end of last year.

The nickel market will maintain a surplus at the 2024 level of about 100,000 tonnes in 2025, Norilsk Nickel said.

The company also revised its forecast for the refined copper market deficit this year from 0.1 million tonnes to 0.2 million tonnes (equivalent to three days of consumption). This was influenced by difficulties on the supply side, expressed partly in the reduction of Anglo American's production forecast and an increase in consumption (of 3% to 26.2 million tonnes).

The copper market will remain in deficit next year, Nornickel said, adding that without the development of new deposits in the long term, the deficit will become significant.