Foreign media news on October 5: Sumitomo Metal, Japan's largest nickel smelter, released a semi-annual market outlook report predicting that as Indonesia's low-grade nickel pig iron (NPI) production will continue to grow, the global nickel market is expected to remain in surplus next year.
The report said that after Indonesia's low-grade nickel pig iron production increased by 16.1% in 2023, it will increase by 10.3% to 1.27 million tons in 2024, and the global supply surplus will expand from 24,000 tons this year to 36,000 tons next year. . Global nickel demand is expected to increase by 8.5% from this year to 3.35 million tons in 2024, while supply may increase by 8.9% to 3.39 million tons.
Yusuke Niwa, general manager of Sumitomo Metal Nickel Sales and Raw Materials Division, said: "We expect that demand for batteries will be strong in 2024 as the electric vehicle market grows in China and Europe. Demand for stainless steel will also gradually expand."
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