According to the World Bureau of Metal Statistics (WBMS), in 2012 there was a nickel supply surplus of 117,000 mt in the global market. In 2011, the calculated deficit was 3,100 mt. Reported nickel stocks held at the LME at the end of December were 51,000 mt higher than at the end of the previous year.
In 2012, global nickel ore production totaled 1.96 million mt, up 121,000 mt compared to 2011, the WBMS said. Japanese refinery output increased by 10,700 mt last year compared to 2011, while Japanese apparent demand was 14,400 mt lower in the given period compared to the previous year. Meanwhile, world apparent demand for nickel in 2012 was 101,400 mt higher compared to 2011.