- Vale’s H1 nickel production rises 8.4% y-o-y to 91,300 t
- Nornickel output falls 2% to 85,028 t amid maintenance
Global nickel production trends remained mixed in the first half of 2026, with Vale recording the strongest growth among major producers, while Nornickel, Glencore and Indonesia’s ANTAM reported lower output. Production performance was influenced by scheduled maintenance, operational disruptions and changes in raw material availability, while several producers expect stronger output in the second half of the year.
Vale leads H1 nickel production growth
Vale recorded the strongest production growth among the major nickel producers, with H1CY26 output rising 8.4% y-o-y to 91,300 tonnes. Q2 production stood at 42,000 tonnes, down 14.8% from Q1 but 4.2% higher y-o-y.
The increase in H1 production was supported by stable operations at the Onça Puma No. 2 electric furnace in Brazil and record-high production at the Long Harbour refinery. However, Q2 output was affected by scheduled maintenance at Vale’s Sudbury downstream facility.
Vale’s nickel sales also remained strong, reaching 89,200 tonnes in H1, up 11.1% y-o-y. The company maintained its full-year nickel production guidance at 175,000-200,000 tonnes.
Nornickel output declines amid maintenance
Nornickel produced 85,028 tonnes of nickel in H1, down 2% y-o-y. The decline was mainly attributed to major maintenance at the Nadezhda smelter between February and April, along with a high comparison base from the previous year.
However, Q2 production recovered to 43,282 tonnes, up 4% from the previous quarter, following the earlier-than-expected end of a sailing suspension and optimisation of maintenance schedules.
Nornickel retained its annual nickel production guidance of 193,000-203,000 tonnes. H1 output represented around 43% of the midpoint of its annual guidance, indicating that production will need to accelerate in H2.
ANTAM nickel ore production falls 14.6%
Indonesia’s ANTAM recorded a sharper decline in nickel ore production. H1 nickel ore output fell 14.6% y-o-y to 7.78 million wet tonnes, compared with 9.10 million wet tonnes a year earlier. Q2 production declined 12.8% y-o-y to 3.90 million wet tonnes.
Nickel ore sales also declined, with H1 volumes down 17.4% y-o-y to 6.77 million wet tonnes. The entire volume was supplied to the domestic market, including ANTAM’s own ferronickel facilities and Indonesian smelters.
Ferronickel production drops, sales surge
ANTAM’s ferronickel production declined 14.1% y-o-y to 7,788 tonnes of nickel content (TNi) in H1, primarily due to planned maintenance of production facilities.
In contrast, ferronickel sales increased 32% y-o-y to 7,605 TNi during H1, with shipments directed to export markets including China, India and South Korea. The sharp increase in Q2 sales was partly supported by inventory utilisation rather than higher production.
Glencore nickel production edges lower
Glencore’s nickel production based on in-house feedstock stood at 35,800 tonnes in H1, down 2% y-o-y. Q2 production, however, recovered to 18,600 tonnes, up 8.1% q-o-q and 4% y-o-y.
Production from the integrated nickel business declined 10% to 19,700 tonnes, while output from Murrin in Australia increased 10%, partly offsetting the decline.
Glencore maintained its full-year nickel production guidance at 70,000-80,000 tonnes. H1 output represented around 48% of the midpoint of its annual target, with the company expecting a larger share of production in H2.
H2 production remains crucial
The mixed H1 performance indicates that maintenance schedules and operational normalisation will remain key drivers of global nickel supply in H2CY26. Vale has already maintained its annual guidance, while Nornickel and Glencore will need stronger second-half production to achieve their respective targets.
Overall, the global nickel market is seeing divergent production trends across major producers, with Vale expanding output while Nornickel, Glencore and ANTAM remain below year-ago levels. The pace of production recovery in H2 will be important in determining the supply outlook for the remainder of 2026.
Leave a Reply