The nickel market is facing a massive supply glut this year as surging Indonesian production continues to outpace global demand.

Critical metals explorer Leeuwin Metals (ASX:LM1) has proposed a maiden diamond drilling program to begin this quarter within the W56 target area at the William Lake Nickel Project in Manitoba, Canada.

Mining exploration company Wyloo Metals has extended the offer period for its on-market takeover bid for all of nickel producer Mincor Resources' shares.

All these factors will support a surge in steel consumption in the third and fourth quarters of this year, the VSA added.

"We expect more cooperation with China in the years to come to facilitate its accelerated energy transition, continued economic development and improvement in living standards."

Philippine nickel ore producer Global Ferronickel's (FNI) subsidiary Platinum Group Metals (PGMC) has shipped to China its first batch of nickel ore for this year's mining season.

MoS (Steel) Faggan Singh Kulaste said that the demand for steel in India continues to be robust as compared to other countries. India's Steel consumption has grown over 11% to 119 million tonnes in FY 2023 from 105 million tonnes in FY 2022.

Brazil’s Vale, one of the world’s largest miners, reported a first quarter net profit down 59% from a year earlier, far below analyst expectations, as profits were dragged down by weaker sales and lower iron ore prices.