UPDATE 1 — Global nickel market set for surplus this year and next, INSG says

INSG sees 19,000 T surplus in 2026, widening to 70,000 T in 2027 Top producer Indonesia has reduced mining quotas this year (Recasts to lead with market balance; adds detail, background) Oct 13 (Reuters) — The global nickel market is set to end 2026 in a slight surplus, the International Nickel Study Group said on Tuesday, reversing a forecast for a deficit made six months ago, with the oversupply seen widening next year. Global demand for primary nickel, used in stainless steel and rechargeable batteries, is expected to reach about 3.85 million metric tons in 2026, up 7.6% from last year, the INSG said after two days of meetings among government and industry representatives from member countries in Lisbon. Production is forecast at 3.87 million tons. That would leave the market in a surplus of 19,000 tons, compared with a deficit of 32,000 tons forecast in April, which would have been the first annual shortfall since 2021. The INSG had previously projected demand of 3.75 million tons and production of 3.72 million tons for 2026. "The INSG expects the stainless steel sector to expand further in the second half of 2026 and through 2027," the group said in a statement. It added that