Morning Bites (part 2)

⚒Norilsk Nickel expects a 190kt nickel market surplus and a 400koz palladium deficit in 2024

• The Ni market is set to remain in surplus, at 250kt in 2023 and 190kt in 2024 (vs. the previous forecast of +180kt in 2024), as new Class-1 projects are ramped up in China and Indonesia. Nornickel sees Ni supply at 3.62mnt next year (+6% YoY). Despite higher metal production, the high-grade Ni reserves in Indonesia (~55% of global mined Ni output in FY23) might be depleted in six years, potentially creating supply risks

• The miner now anticipates a strong Pd market deficit of 0.9mnoz in 2023 and 0.4mnoz in 2024 (vs. the 0.3mnoz surplus previously expected for 2024). Furthermore, the Pt market's balanced state has been revised to deficits of 0.4mnoz and 0.3mnoz in 2023 and 2024, respectively. Despite the recent layoffs among major SA miners, Nornickel sees an increase of some 2% YoY in local PGM output in 2024

#nickel #PGMs 
https://metals-wire.com:3000/news-reports