The International Nickel Study Group (INSG) predicted in its latest report that there will be a surplus of 198,000 tons in the global nickel market for 2025. Besides, the global primary nickel consumption is expected to reach 3.537 million tons and output will be 3.735 million tons this year.

According to the report, the delayed issuance of mining permits (RKABs) in Indonesia has tightened nickel ore supply, and the effect of the nation’s newly implemented mining royalties hasn’t been fully assessed.

The report also pointed out that China’s primary nickel production is expected to rise, mainly boosted by newly added nickel cathode and nickel sulphate output.