The global refined nickel market faced a supply deficit of 13,400 tons in May 2026, according to the World Bureau of Metal Statistics (WBMS). During the month, global demand reached 314,700 tons, outpacing the total production of 301,300 tons. Additionally, global nickel ore output reached 337,600 tons in May.

However, the market maintained a surplus for the first five months of the year. From January to May 2026, cumulative refined nickel production totaled 1.5006 million tons, which exceeded the overall consumption of 1.474 million tons to leave a 26,500-ton surplus. For the same five-month period, global nickel ore production reached 1.645 million tons.