Nornickel sharply hikes nickel surplus forecasts for this year and next
MOSCOW - Russian mining giant Nornickel said on Monday that it had doubled its nickel surplus forecast for this year and more than doubled its forecast for 2026.
In a metals market review, Nornickel, the world's largest palladium producer and a major producer of refined nickel, said it expected the nickel surplus this year to reach 240 000 tons, up from an estimate of 120 000 tones in July.
It said it had also more than doubled its surplus forecast for next year to 275 000 tons, up from 130 000 previously.
The global nickel market has been in surplus for the past four years due to rapid supply growth amid continued production growth in Indonesia.
Nornickel said it saw the palladium market as balanced this year, excluding investment demand.
With investment demand included, there would be a deficit of 0.2-million ounces, it said.
In 2026, excluding investment activity, the palladium market deficit would be 0.1-million ounces, Nornickel said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
















