According to foreign media sources, global nickel supply has turned into surplus due to strong production from Indonesia. According to the International Nickel Research Organization (INSG), mine production in the country rose 41 percent year-on-year in the first seven months of 2022.
The surge helped push global production up 14 per cent over the same period. In fact, Indonesia's supply rose to about 47 percent of global production. The country contributed just 38 percent in the first seven months of 2021. There is an oversupply of about 29,000 tonnes after a shortage of about 146,000 tonnes last year.
