In 2025, it rose by 8.1% to 3.88 million tonnes.
The INSG points out that these estimates do not consider the potential for any major interruptions to plant operations.
Indonesia, the top nickel producer globally, has implemented further measures in 2026 to strengthen the regulation of the mining industry. The authorized nickel ore production limit for this year was established at a considerably reduced level compared to 2025. Nonetheless, it could be adjusted upward based on the government's evaluation of supply and demand.
Global primary nickel usage is projected to rise by 4.2% this year, hitting 3.747 million tonnes. Last year, it rose by 3.5%, totaling 3.473 million tonnes.
Consequently, the worldwide nickel market is expected to face a shortfall in 2026. The shortfall will reach 32,000 tonnes, in contrast to a surplus of 283,000 tonnes in 2025, 226,000 tonnes in 2024, and 175,000 tonnes in 2023.
Doubts about production levels in Indonesia and the situation in the Middle East could result in changes to forecasts. The INSG report stated, "The effect of the war in Iran on metals markets—regarding both output and overall demand—has not yet been completely evaluated."
source: insg.org
The INSG points out that these estimates do not consider the potential for any major interruptions to plant operations.
Indonesia, the top nickel producer globally, has implemented further measures in 2026 to strengthen the regulation of the mining industry. The authorized nickel ore production limit for this year was established at a considerably reduced level compared to 2025. Nonetheless, it could be adjusted upward based on the government's evaluation of supply and demand.
Global primary nickel usage is projected to rise by 4.2% this year, hitting 3.747 million tonnes. Last year, it rose by 3.5%, totaling 3.473 million tonnes.
Consequently, the worldwide nickel market is expected to face a shortfall in 2026. The shortfall will reach 32,000 tonnes, in contrast to a surplus of 283,000 tonnes in 2025, 226,000 tonnes in 2024, and 175,000 tonnes in 2023.
Doubts about production levels in Indonesia and the situation in the Middle East could result in changes to forecasts. The INSG report stated, "The effect of the war in Iran on metals markets—regarding both output and overall demand—has not yet been completely evaluated."
source: insg.org
