According to the World Bureau of Metal Statistics (WBMS), in the January-September period of this year there was a nickel supply surplus of 89,000 mt in the global market. In the whole of 2011, the calculated deficit was 3,100 mt.
In the January-September period this year, global nickel ore production totaled 1.4 million mt, up 147,000 mt compared to the whole of 2011, the WBMS said. Japanese refinery output increased by 6,000 mt in the first nine months this year compared to the whole of 2011, while Japanese apparent demand was 15,100 mt lower in the given period compared to the whole of the previous year. Meanwhile, world apparent demand for nickel in the first nine months of the current year was 74,000 mt higher compared to the whole of 2011.