According to the World Bureau of Metal Statistics (WBMS), in the first seven month of this year there was a nickel deficit of 35,900 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of July were 900 mt higher than at the end of 2016.
In the January-July period this year, global nickel mine production totaled 1.07 million mt, down 14,000 mt year on year, the WBMS said. Chinese refinery output decreased by 27,000 mt year on year in the given period, while Chinese apparent demand was 152,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the first seven months of this year was 112,000 mt lower compared to the corresponding period of the previous year.
In July alone, global nickel production stood at 158,600 mt, while global consumption amounted to 153,200 mt.