The International Nickel Study Group (INSG) estimates the global refined market was in a supply surplus of 57,300 tonnes after the first five months of the year, representing a sharp turnaround from a deficit of 31,500 tonnes at the same point of 2019.The median forecast in Reuters' July analyst poll is for a surplus of 100,000 tonnes in 2020, making it the first year of oversupply since 2015.
Nickel price to fall in 2020/2021
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