According to the World Bureau of Metal Statistics (WBMS), in the first two months of this year there was a nickel deficit of 20,000 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of February were 5,700 mt lower than at the end of 2016.
In the January-February period this year, global nickel mine production totaled 311,000 mt, up 4,000 mt year on year, the WBMS said. Chinese refinery output decreased by 6,600 mt year on year in the given period, while Chinese apparent demand was 25,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the first two months of this year was 18,600 mt higher compared to the corresponding period of the previous year.
In February alone, global nickel production stood at 134,700 mt, while global consumption amounted to 147,100 mt.