October 7, 2010 / 9:01 AM / 9 years ago

INSG sees world nickel market in 80k T surplus in 2011

LONDON, Oct 7 (Reuters) - The International Nickel Study Group (INSG) expects the global nickel market to be in a surplus of around 80,000 tonnes next year after being in broad balance this year.

Global output next year could reach 1.61 million tonnes, up from 1.43 million this year, Lisbon-based INSG said in a release.

“With new capacity anticipated to come into production, and ramp up of recently commissioned projects as well as more product coming from Canada following the end of the strike, production in 2011 could reach 1.61 Mt,” it said.

World consumption of primary nickel was forecast to rise to 1.53 million tonnes next year from 1.43 million tonnes in 2010.

INSG’s 2010 and 2011 output forecasts did not include a general adjustment factor for possible production disruptions, such as the 2009/10 strike at Vale’s Sudbury operations in Canada.

In 2009 the market was in a surplus of about 110,000 tonnes with global output at 1.35 million tonnes and usage at 1.24 million.

The INSG met on October 5 and 6. About 50 government and industry representatives from member countries, including observers and several international organisations participated in the meetings.

Reporting by Karen Norton; editing by Keiron Henderson

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