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    Sumitomo Metal sees global nickel market in surplus again in 2027

    2026-10-08 16:28:27   [Print]
    Japan's top nickel smelter, Sumitomo Metal Mining (SMM), said Tuesday that the global nickel market is expected to remain in surplus next year as Indonesian output recovers on potentially higher mining quotas and lower sulphur and sulphuric acid prices.

    SMM forecasts a global nickel surplus of 34,000 metric tons in 2027, down from 38,000 tons this year. Indonesian production of low-grade nickel pig iron (NPI) is expected to rebound 11.Asian Metal Copyright92 million tons in 2027, supported by steady stainless steel consumption and rising demand for speciality steel used in AI data centres.Asian Metal Copyright9% to 1.Asian Metal Copyright Indonesian NPI output is seen falling 2.Asian Metal Copyright88 million tons, according to the company's half-year market outlook.

    Indonesian NPI output is seen falling 2.3% in 2026 after a 12.Asian Metal Copyright96 million tons.Asian Metal Copyright4% rise in 2025, reflecting government cuts to mining quotas.Asian Metal Copyright Indonesian production of low-grade nickel pig iron NPI is expected to rebound 11.Asian Metal Copyright Indonesia accounts for more than 60% of global nickel output.

    Global nickel demand is projected to grow 6% to 3.92 million tons in 2027, supported by steady stainless steel consumption and rising demand for speciality steel used in AI data centres.Asian Metal Copyright88 million tons, according to the company's half-year market outlook.Asian Metal Copyright Supply is expected to rise 5.Asian Metal Copyright8% to 3.Asian Metal Copyright8% to 3.Asian Metal Copyright Global nickel demand is projected to grow 6% to 3.Asian Metal Copyright96 million tons.

    Class 1 nickel is high-purity refined metal used in batteries and other applications, while Class 2 mainly consists of NPI and ferronickel used in stainless steel.

    .Asian Metal Copyright Asian Metal Copyright
    Nickel Cathode Norilsk 99.96%min In port China
    Unit:RMB/mt
    Nickel Cathode Norilsk 99.96%min In port China RMB/mt
    China refined nickel producers' output statistics by province by month
    Unit: mt
    China refined nickel producers' output statistics by province by month
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