Morning Bites (Part 2)

⚒Nornickel now expects a greater nickel market surplus, of 150kt, in 2024-25. The company also sees the Pd/Pt markets as balanced in 2024-25

• The Ni market surplus is to increase in 2024-25 (previous estimate: 100kt), driven by lower Chinese stainless steel production and batteries falling short of expectations due to weak non-Chinese NEV sales and a higher LFP share

• The miner now sees the Pd market balanced in 2024-25 (previous forecast: deficits of 0.9mnoz in 2024 and of 0.3mnoz in 2025). The new forecast is based on stronger output from Russian operations and revised automotive demand in China, Japan and the US. Nornickel reiterated its estimate for a balanced Pt market in 2024. For 2025, the forecast is for a deficit of 0.2mnoz due to less refined production in SA

• Although the miner expects the Cu market to be broadly balanced in 2024-26, this looks conservative to us, given surging grid investments

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