Stainless steel accounts for the vast majority of nickel demand, but electric vehicle (EV) batteries represent a growing application for the base metal as the shift toward a greener future gains steam. But while nickel’s long-term outlook appears bright, it may face headwinds in the short term. After a tough 2023, experts are projecting a surplus this year as weak usage coincides with strong output from top producer Indonesia. What other dynamics are affecting nickel supply? If you’re interested in getting exposure to the market, you should be aware of the factors at play. To get you started, here’s a look at the top nickel-producing countries. Figures are based on the latest US Geological Survey data. Read on to learn more. 1. Indonesia Mine production: 1.8 million MT Claiming first place for production by a long shot, Indonesia is a prime example of a country wanting to get in on…
