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| Nornickel Factory |
Russian metals major Nornickel has lowered its forecast for the global nickel market surplus in 2024 to 100,000 tons from a previous estimate of 190,000 tons. The company also forecast a surplus of about 100,000 tons in 2025.
Increased nickel demand from sectors such as stainless steel, alloys, specialty steels, and electric vehicles is expected to offset the commissioning of new nickel production facilities in Indonesia and the resulting increase in nickel metal and compound supplies.
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