Global Nickel Market Oversupply in 2024

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Adi Ahdiat 11/11/2025 12:37 WIB

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According to IEA data, the volume of global nickel supply in 2024 exceeds its demand. This oversupply has caused nickel prices to fall.

Global Nickel Supply* Volume and Demand (2024)

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Global Nickel Supply* Volume and Demand (2024)

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In 2024, the global available nickel supply was greater than its demand.

According to data from the International Energy Agency (IEA), the global volume of refined nickel supply reached 3,484 kilotons (kt) in 2024.

Meanwhile, global nickel demand in 2024 was only 3,371 kt, resulting in a supply surplus of 113 kt.

"The market is currently oversupplied, driven by increasing nickel supply from Indonesia," the IEA stated in its Global Critical Minerals Outlook 2025 report.

The IEA stated that the oversupply caused the average global nickel price at the end of 2024 to fall by approximately 30% compared to the previous year.

"Several factors contributed to the price decline at the end of 2024, including the increased adoption of LFP [lithium-ferro-phosphate, an alternative material for battery raw materials besides nickel]," the IEA said.

"Nevertheless, the main driver remained the oversupply, largely driven by high production volumes from Indonesia," it added.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Nickel Market Oversupply in 2024

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