The global nickel market will record a surplus of 90,000 tonnes in 2013, down slightly from a 110,000 tonne surplus in 2012, the International Nickel Study Group (INSG) said today.
The group, which met earlier this week with government and industry representatives, expects nickel supply will hit 1.86 million tonnes this year.
The INSG said Indonesian nickel ore export restrictions implemented in 2012, in the form of an export ban, have not materially reduced supply to China so far in 2013.
On demand, the INSG expects world primary nickel usage to total 1.77 million tonnes this year.
It said nickel demand in early 2013 improved relative to the latter part of 2012, but added there were signs that slower Chinese economic growth is affecting the domestic nickel market.
Stainless-steel ingredient nickel was today trading at $15,240 a tonne on the London Metal Exchange from yesterday's close of $15,130 a tonne.
