Indonesia's Nickel Production to be Most Aggressive in 2024

The United States Geological Survey (USGS) estimates global nickel production at 3.7 million metric tons in 2024. This represents a slight 1.33% decrease from 2023's 3.75 million metric tons.

Indonesia is projected to be the largest producer, with an estimated 2.2 million metric tons in 2024, an increase from 2.03 million metric tons in 2023.

"Global nickel mine production is projected to decline to about 3.7 million tons in 2024, although production in Indonesia is expected to increase by about 8%," the USGS stated on Tuesday, February 4, 2025.

Other countries are estimated to produce less than 350,000 metric tons combined.

For example, the Philippines is estimated to produce 330,000 metric tons in 2024, down from 413,000 tons in 2023. Russia is estimated at 210,000 metric tons in 2024, unchanged from 2023. Canada is estimated at 190,000 tons in 2024, up from 159,000 tons in 2023.

The following are USGS estimates of nickel production volume by country in 2024:

* Indonesia: 2,200,000 metric tons
* Philippines: 330,000 metric tons
* Russia: 210,000 metric tons
* Canada: 190,000 metric tons
* China: 120,000 metric tons
* New Caledonia: 110,000 metric tons
* Australia: 110,000 metric tons
* Brazil: 77,000 metric tons
* United States: 8,000 metric tons
* Other countries: 300,000 metric tons

The USGS explains that production in Australia and the Philippines decreased by approximately 26% and 20%, respectively, after several companies reduced or halted production due to unfavorable market conditions related to falling prices and increased production in Indonesia.

In New Caledonia, a French territory northeast of Australia and north of New Zealand, production decreased by about 52% due to widespread unrest and a decline in global nickel prices.