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.

The figure dropped by 1.4 percentage points from the previous quarter, according to the National Bureau of Statistics.

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

China's raw coal output posted stable expansion in March, official data showed.

Renewable energy use, low season, curbs on inflows, green drive factors.

"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."