Global Nickel Producers of 2026
2025 contained Ni: Nornickel 198.5 kt leads; Vale Base Metals 177.2 kt; Nickel Industries 125 kt.
Main table: 2025 contained nickel (company-disclosed)
Compiled 2026-08-12. Ranked by 2025 contained nickel output (kt Ni) from company production reports. Peers: copper, aluminum.
| # | Company | 2025 (kt Ni) | YoY | Note |
|---|---|---|---|---|
| 1 | Nornickel | 198.5 | −3% | Consolidated; nearly all own Russian feed |
| 2 | Vale Base Metals | 177.2 | +10.8% | Finished nickel; sales 172.8 kt |
| 3 | Nickel Industries (ASX:NIC) | 125.0 | −1.8% | RKEF contained Ni; NPI+MHP finished 133.5 kt |
| 4 | PT Vale Indonesia (INCO) | 72.0 | +1% | Nickel-in-matte; deliveries 73.1 kt |
| 5 | Glencore | 71.9 | −13% | Own-sourced; ~−7% ex Koniambo base |
Nornickel remains the Class 1 volume benchmark. Vale Base Metals hit a post-2022 high on Onça Puma’s second furnace and Voisey’s Bay underground ramp-up. Nickel Industries’ Indonesian RKEF/NPI line now tops Glencore’s own-sourced nickel; PT Vale Indonesia’s matte is disclosed separately and is not double-counted with Vale’s Canadian/Brazilian finished nickel.
Indonesia / ore snapshot
| Slice | 2025 | Note |
|---|---|---|
| Indonesia primary Ni | ~1.9 Mt (INSG outlook) | ~2.1 Mt eyed for 2026 |
| Tsingshan | Private; no group total published | IMIP / IWIP NPI–stainless anchor |
| Weda Bay Nickel (Eramet JV) | ~42 Mt wmt ore | ~1/3 of IWIP feed; 2026 quota first cut to 12 Mt |
| Harita Nickel | ~120 ktNi/y HPAL capacity; 9M25 HPAL sales ~100 ktNi | Obi MHP / sulphate + FeNi |
| BHP Nickel West | Care & maintenance from ~Oct 2024 | Restart review before 2027 |
How we ranked
Main table uses company-disclosed 2025 contained nickel (top five). Unlisted park leaders sit in the supplement with country ore totals. Class 1 sulphide and laterite NPI/MHP differ by product; the main table ranks on contained Ni metal. Board defaults to S–D.
| Source | When | Used for |
|---|---|---|
| Nornickel 2025 | 2026-01 | 198.5 kt Ni |
| Vale 2025 production | 2026-01 | 177.2 kt Ni |
| Nickel Industries 2025 AR | 2026 | 125.0 / 133.5 kt Ni |
| Glencore FY2025 | 2026-01 | 71.9 kt own-sourced |
| INSG Dec 2025 | 2025-12 | Indonesia ~1.9 Mt primary |
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