Vale Indonesia awards Petrosea $1 billion contract for nickel ore mining
The contract will be signed in March is effective for 10 years, Vale said on Wednesday.
The global nickel market increased its surplus to 20,700 tonnes in May from a surplus of 3,200 tonnes a month earlier, data from the International Nickel Study Group (INSG) showed on Monday.
The INSG in April reported a deficit of 200 tonnes.
During the first five months of the year, the global market was in a surplus of 16,100 tonnes compared with a deficit of 97,500 tonnes in the same period of 2021, Lisbon-based INSG added.
Data below in thousands of tonnes.
| May | April | Jan-May 2022 | Jan-May 2021 | |
| Mine production | 272.3 | 259.5 | 1211.0 | 1025.9 |
| Refined production | 252.9 | 242.1 | 1182.0 | 1034.5 |
| Refined Usage | 232.3 | 238.9 | 1166.0 | 1132.0 |
| Balance | 20.7 | 3.2 | 16.1 | -97.5 |
(By Eric Onstad; Editing by Shinjini Ganguli)
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