Recently, Macquarie to lower nickel prices this year estimated 3.8%, at US$9262/ton. While International Nickel Study Group (INSG) has released the latest data, world primary nickel production of 164,300 tons in April, which was less than 174,400 tons of demand.

Nickel output this year is expected to be down from 1.983 million tons last year to 1.913 million tons, the demand exceeds the supply, is over four consecutive years of excess supply situation.

In addition, INSG also pointed out in the report, in the first four months this year, global nickel market supply shortages of 7100 tons compared with 19,900 tons of excess supply in last year, down by 0.9% year on year.