According to the World Bureau of Metal Statistics (WBMS), in the first five months of this year there was a nickel deficit of 42,600 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of May were 39,800 mt lower than at the end of the previous year.
In the January-May period, global nickel mine production totaled 801,100 mt, down 82,100 mt year on year, the WBMS said. Japanese refinery output increased by 5,800 mt year on year in the given period, while Japanese apparent demand was 3,000 mt higher than in the same period of 2015. Meanwhile, world apparent demand for nickel in the January-May period this year was 130,000 mt higher compared to the corresponding period of the previous year.
In May alone, global nickel production stood at 155,900 mt, while global consumption amounted to 169,800 mt.