According to the World Bureau of Metal Statistics (WBMS), in the first quarter of the current year there was a nickel supply surplus of 7,000 mt in the global market. In 2012, the calculated surplus was 130,400 mt. Reported nickel stocks held at the London Metal Exchange (LME) at the end of March were 25,000 mt higher than at the end of the previous year.
In the first quarter, global nickel mine production totaled 536,300 mt, up 121,000 mt year on year, the WBMS said. Japanese refinery output increased by 4,300 mt in the first quarter this year compared to the same quarter of 2012, while Japanese apparent demand was 2,200 mt lower in the given period compared to the corresponding period of the previous year. Meanwhile, world apparent demand for nickel in the first quarter was 37,000 mt higher compared to the first quarter of 2012.