According to the World Bureau of Metal Statistics (WBMS), in the first ten months of last year there was a nickel supply surplus of 45,000 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of October were 38,600 mt higher than at the end of the previous year.
In the January-October period, global nickel mine production totaled 1,579,000 mt, down 114,000 mt year on year, the WBMS said. Japanese refinery output increased by 7,800 mt year on year in the given period, while Japanese apparent demand was 2,300 mt lower in the same period compared to the corresponding period of 2014. Meanwhile, world apparent demand for nickel in the January-October period was 208,000 mt higher compared to the corresponding period of the previous year.
In October alone, global nickel production stood at 164,600 mt, while global consumption amounted to 184,300 mt.