The supply too is expected to see 9% increase to 3.08 million tonnes, driven by notable increase in low-grade nickel pig iron (NPI) output in Indonesia.

The monthly smelter/refinery production of nickel totalled 242.6 kt in July 2022. At the same time, monthly demand totalled 235.6 kt.

In 2007, the U.S. Congress mandated the blending of biofuels such as corn-based ethanol into gasoline. One of the top goals: reducing greenhouse gas emissions.

Brazilian mining company Vale (VALE3.SA) said on Wednesday that global demand for nickel should increase 44% by 2030 compared to that expected for this year, due to high demand for use in batteries that power electric vehicles.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-May this year stood lower by 30.4 kt.

According to data, the global nickel market ended in a surplus of 20,700 tonnes in May 2022.

The judicial review claim filed by Elliot Associates and Elliot International in a British Court names the LME and LME Clear Limited as defendants.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-March 2022 stood lower by 24.8 kt.