Morning Bites (part 2)

⚒Norilsk Nickel expects a 110kt nickel market surplus and 800koz palladium deficit in 2023

• The nickel market market is to remain in surplus to the tune of ~110kt in 2022-23 due to the robust Indonesian supply ramp-up. NorNik sees nickel supply at 3.19 mnt next year (+18% YoY), with low-grade metal production driving most of the figure (94kt). In our view, some nickel market surplus would obviously be unfavourable for the price, but such a situation would unlikely affect Norilsk Nickel too much, given it produces high grade metal

• The Pd market is to stay in a 0.6-0.8mnoz deficit in 2022-23 amid operational disruptions at major South African and the US producers and lower recycling volumes. Refined palladium production is to stand at 6.5 moz next year (+4% YoY). Platinum is estimated to be in balance in 2022 and in 300koz surplus in 2023, with a 6% YoY increase in supply to 5.9 moz in 2023

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