Nornickel, the world's largest palladium and leading nickel producer, forecasts a nickel surplus of 150,000 tons globally for 2024-2025. The company anticipates the palladium market will be nearly balanced in 2024 and fully balanced by 2025, revising its earlier prediction of a 900,000-ton palladium shortage for 2024. The nickel surplus is largely attributed to increased supply from Chinese cathode nickel.
While Nornickel is not directly sanctioned by Western countries, sanctions against Russia have led Western producers to avoid Russian metals, prompting Nornickel to shift its sales focus to Asia.
