Indonesia nickel move may cut global supply by 35%, Macquarie says
Indonesian mine output remains the key swing factor for prices, according to Macquarie.
The global nickel market surplus edged down to 15,200 tonnes in October from 15,500 tonnes in September, data from the Lisbon-based International Nickel Study Group (INSG) showed on Wednesday.
During the first 10 months of the year, the global market was in a surplus of 78,300 tonnes compared with a deficit of 163,600 tonnes in the same period of 2021, INSG data shows.
Data below in thousands of tonnes.
| Oct | Sept | Jan-Oct 2022 | Jan-Oct 2021 | |
| Mine production | 286.3 | 299.7 | 2662.4 | 2293.4 |
| Refined production | 279.2 | 261.2 | 2477.0 | 2138.5 |
| Refined usage | 264.0 | 245.7 | 2398.6 | 2302.1 |
| Balance | 15.2 | 15.5 | 78.3 | -163.6 |
(By Eric Onstad; Editing by Elaine Hardcastle)
Comments