According to Ricardo Ferreira, Director of Market Research and Statistics of the International Nickel Study Group (INSG), as nickel output from Indonesia and China increases, the oversupply in the global nickel market may persist till the end of 2025. 

According to data provided by INSG, in 2024, Indonesia accounted for 61.6% of the global nickel ore production. Meanwhile, it is believed that in 2025, the percentage will further rise to 63.4%. 

As for nickel pig iron (NPI), according to forecasts from INSG, in 2025 Indonesia will produce 2 million tons of NPI, which will make up 53.5% of the global NPI production.