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Nornickel raised its nickel surplus forecast for 2022 and 2023.

Russian nickel and palladium mining and smelting company Norilsk Nickel (Nornickel) raised its nickel surplus forecast to 75,000 tonnes for 2022 and 150,000 tonnes for 2023. The surplus was expected to consist mainly of low-grade nickel, as Indonesia's nickel pig iron capacity and nickel chemical production continue to expand.

Previously, the company expected the global nickel market to see a surplus of 40,000 tonnes and 100,000 tonnes for this year and next year, respectively.

Nornickel estimated that global primary nickel demand would grow by 8% and 12% year-on-year in 2022 and 2023, respectively.

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