According to the World Bureau of Metal Statistics (WBMS), in 2016 there was a nickel deficit of 51,500 mt in the global market. In 2015, the calculated surplus had amounted to 73,500 mt. Reported nickel stocks held at the London Metal Exchange (LME) at the end of December were 69,300 mt lower than at the end of 2015.
In 2016, global nickel mine production totaled 1.85 million mt, down 271,000 mt year on year, the WBMS said. Chinese refinery output decreased by 25,000 mt year on year in the given year, while Chinese apparent demand was 45,000 mt higher than in 2015. Meanwhile, world apparent demand for nickel in 2016 was 129,000 mt higher compared to the previous year.
In December alone, global nickel production stood at 161,600 mt, while global consumption amounted to 143,400 mt.