Norilsk Nickel (Nornickel) announced its forecast for the global nickel market, predicting an oversupply of 200,000 tons for both 2025 and 2026.

This estimate is roughly the same as the International Nickel Study Group’s (INSG) forecast for 2025, but is 60,000 tons less than the INSG’s forecast for 2026.

Analysts see there will be growth of strong demand, but the rapid expansion of supply in Indonesia continues at an accelerated pace and is becoming the primary reason for the oversupply.