Norilsk Nickel (Nornickel), a Russian nickel and palladium mining and smelting company, raised its forecast for a nickel supply surplus to 75,000 tons in 2022 and 150,000 tons in 2023. The surplus was expected to be mainly low-grade nickel as Indonesia's nickel pig iron capacity and nickel chemicals output are still increasing.

Previously, the company expected the global nickel market to be oversupplied by 40,000 tons and 100,000 tons respectively this year and next.

Nornickel expected that global primary nickel demand will grow by 8% and 12% year on year in 2022 and 2023, respectively, mainly boosted by increased stainless steel production in China and Indonesia and growing battery demand.