According to the World Bureau of Metal Statistics (WBMS), in the first three months of this year there was a nickel surplus of 3,300 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of March were 4,400 mt higher than at the end of 2016.
In the January-March period this year, global nickel mine production totaled 417,000 mt, down 47,000 mt year on year, the WBMS said. Chinese refinery output decreased by 17,000 mt year on year in the given period, while Chinese apparent demand was 70,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the first three months of this year was 43,000 mt lower compared to the corresponding period of the previous year.
In March alone, global nickel production stood at 129,600 mt, while global consumption amounted to 143,700 mt.