According to International Nickel Study Group (INSG), surplus in global nickel market was 8,900 tons in October compared to a surplus of 11,800 tons during the same period of last year.

Meanwhile, INSG also indicated that the nickel production was 164,300 tons in October and the consumption totaled 155,400 tons.

In January-October, there was 33,800 tons of excess supply of nickel.

Meanwhile, the nickel stocks owned by producers totaled zero tons in September, lower than 89,500 tons in August.