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Nickel class I supply crunch to continue as forecast nickel surplus “will be mainly due to class II and nickel chemicals”

According to the International Nickel Study Group (INSG)’s latest report world primary nickel production will reach 3.375MT in 2023 (up from 2.610Mt in 2021 and 3.060Mt in 2022).

Global primary nickel demand is forecast to increase to 3.134Mt in 2023 (up from 2.779Mt in 2021 and 2.955Mt in 2022)

This means a surplus of 239kt in 2023.

However, as highlighted in our latest nickel report — The Green Economy and Nickel’s Generational Class I Supply Crunch — this deficit will be due to class II production, meaning class I remains in a supply crunch.

“The implicit market balances are therefore a deficit of 169kt in 2021, and surpluses of 105kt in 2022
and 239kt in 2023. Historically, market surpluses have been linked to LME deliverable/class I nickel, but in 2023 the surplus will be mainly due to class II and nickel chemicals (principally nickel sulphate)”

— International Nickel Study Group, Nickel Market Observations for 2023

According to the latest figures, supply of nickel Class I has declined 28% so far this year to 40,032 tonnes, the lowest level since 2007.

You can read our full report on nickel I’s supply crunch here:


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The Oregon Group

The Oregon Group

The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane.


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