JAKARTA — The global nickel supply is heading for a bigger surplus this year as more Indonesian smelters feeding EV battery and stainless steel industries come onstream, threatening to keep prices below the record highs of 2022.
Prices rose to new heights last year after Russia — another major nickel producer — invaded Ukraine, and on the back of rising demand for so-called Class 1 nickel used in electric vehicle batteries. Class 1 nickel has a higher purity than its Class 2 counterpart, which is commonly used in stainless steel production.