According to the World Bureau of Metal Statistics (WBMS), in the first five months of this year there was a nickel deficit of 54,300 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of May were 12,900 mt higher than at the end of 2016.
In the January-May period this year, global nickel mine production totaled 715,000 mt, down 85,000 mt year on year, the WBMS said. Chinese refinery output decreased by 26,000 mt year on year in the given period, while Chinese apparent demand was 119,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the first five months of this year was 47,000 mt lower compared to the corresponding period of the previous year.
In May alone, global nickel production stood at 145,500 mt, while global consumption amounted to 162,000 mt.