Global refined nickel market records Q1 surplus
2026-05-28 11:42:49 [Print]
The global refined nickel market experienced an oversupply during the first three months of 2026. According to data from the World Bureau of Metal Statistics (WBMS), refined nickel production reached 872,500 tons between January and March, surpassing total consumption of 852,200 tons. This imbalance resulted in a cumulative supply surplus of 20,300 tons for the first quarter.
A closer look at March operations shows a similar trend. Refined nickel output totaled 284,600 tons, compared to consumer demand of 278,300 tons, leading to a monthly surplus of 6,300 tons.
In terms of raw materials, global nickel ore production totaled 976,600 tons in the first quarter, with March output accounting for 329,700 tons of that total.
A closer look at March operations shows a similar trend. Refined nickel output totaled 284,600 tons, compared to consumer demand of 278,300 tons, leading to a monthly surplus of 6,300 tons.
In terms of raw materials, global nickel ore production totaled 976,600 tons in the first quarter, with March output accounting for 329,700 tons of that total.
Nickel Ore Philippine 1.5%min CIF China
Unit:USD/mt
China refined nickel producers' operating rate statistics by province by month
Unit: %
