Home -

Broker -

Main body -

WikiFX Express

Global nickel market surplus to widen in 2024 -INSG

XM | 2023-10-12 14:48

Abstract：The surplus in the global nickel market is expected to widen to 239,000 metric tons in 2024 from 223,000 tons this year, the International Nickel Study Group (INSG) said on Tuesday, signalling further pressure on the metal.

Adds estimate of market surplus in 2024, comment about production in Indonesia, China

The surplus in the global nickel market is expected to widen to 239,000 metric tons in 2024 from 223,000 tons this year, the International Nickel Study Group (INSG) said on Tuesday, signalling further pressure on the metal.

Prices for nickel CMNI3 on the London Metal Exchange are down 38% so far this year. High-grade “Class 1” nickel can be delivered against the LME contract, while production of lower-grade “Class 2” is soaring in Indonesia.

“Historically, market surpluses have been linked to LME deliverable/class I nickel but in 2023 and 2024 the surplus will be mainly related to class II and nickel chemicals,” the INSG said.

Global demand for nickel is expected to increase to 3.47 million tons in 2024 from 3.20 million in 2023 due to recovery of the stainless steel sector and increased usage of nickel in electric vehicle batteries, the Lisbon-based group said.

It expects global output to increase to 3.71 million tons in 2024 from 3.42 million in 2023 as Indonesia's nickel pig iron (NPI) production continue to rise.

Indonesia's new high-pressure acid leaching (HPAL) plants that produce mixed hydroxide precipitate (MHP) are also continuing to ramp up output, and the conversion of NPI to nickel matte is growing, the INSG said.

NPI production in China is likely to decrease in 2024 but nickel cathode and nickel sulphate production is anticipated to increase, it added.

Long

Related broker

Website：http://xm.yfnsry.com/dist/#/

2-5 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.43

Trade Quo Review: Do Traders Face Long Withdrawal Delays & Order Freezes?

Did Trade Quo not respond effectively to your fund withdrawal application? Did you fail to receive funds despite complying with all the documentation requirements? Have you encountered an order freeze by the broker during news hours? There have been multiple user complaints regarding the suspected trading operation glitch at this brokerage firm. This article on Trade Quo review analyzes user allegations along with the broker’s product offerings and the regulatory supervision

Original 2026-05-19 23:51

ORCA MARKETS Review 2026: Investigating Fund Scams, App Glitches & Deposit Failures

ORCA MARKETS, a Saint Lucia-based forex broker, is reportedly facing many complaints from users as of mid 2026. They frequently complain about the app that refuses to work properly for hours, preventing them from taking the right position to unleash market movement. Complaints have been made about fund losses and deposit failures on the platform. These allegations made it imperative to investigate the broker on different aspects, including the regulatory oversight. We have done so in this ORCA MARKETS review article.

Original 2026-05-13 23:35

traze Exposure: Does the Broker Execute Trades During Non-Market Hours?

traze, a United Kingdom-based forex broker, recently received negative reviews mostly around the way it executed trades for its clients. Some vehemently accused the broker of closing trades before and after market hours, with some even claiming trade execution on weekends. Such trades reportedly piled losses for traders. As a result, many of them shared negative traze reviews online. In this article, we have investigated these claims. Read on!

Original 2026-05-04 20:06

Plus500 Review: Do Traders Face Issues Concerning Withdrawals and the Trading Platform?

Failed to withdraw funds from the Plus500 platform? Does the Israel-based forex broker give many excuses to deny withdrawals, such as imposing the minimum withdrawal amount restriction? Does the broker’s app fail constantly during the trading hours? These allegations have reportedly taken vicious shape on broker review platforms such as WikiFX. In this Plus500 review article, we have examined these allegations. Let’s begin!

Original 2026-04-21 23:54