According to the latest report from the World Bureau of Metal Statistics (WBMS), in the first two months of 2026, there was a supply surplus for both refined nickel and primary aluminum.

Global refined nickel output totaled 596,000 tons against consumption of 594,200 tons, yielding a surplus of 1,800 tons. Besides, primary aluminum production reached 12.3577 million tons, while consumption was 12.3485 million tons, resulting in an excess of 9,200 tons.

These figures confirmed that both commodities maintained an oversupply status throughout the January-February period.