Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
The global nickel market had a surplus of 13,400 metric tons in January, down from a surplus of 23,100 metric tons a year earlier, data from the International Nickel Study Group (INSG) showed on Thursday.
It was also down sharply from a surplus of 28,900 metric tons in December 2023.
In 2023, the nickel market surplus widened to 238,800 metric tons from 103,900 metric tons in 2022, the data showed.
Data below in thousands of metric tons:
| Jan 2024 | Jan 2023 | Dec 2023 | FY 2023 | FY 2022 | |
| Mine production | 289.9 | 263.2 | 313.8 | 3,675.7 | 3,208.2 |
| Refined production | 282.2 | 256.4 | 294.5 | 3,344.7 | 3,058.7 |
| Refined usage | 268.9 | 233.4 | 265.6 | 3,105.9 | 2,954.8 |
| Balance | 13.4 | 23.1 | 28.9 | 238.8 | 103.9 |
(By Anjana Anil; Editing by David Gregorio)
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