According to the World Bureau of Metal Statistics (WBMS), in the first 11 months of last year there was a nickel deficit of 84,600 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of November were 74,300 mt lower than at the end of 2015.
In the January-November period of last year, global nickel mine production totaled 1.78 million mt, down 166,000 mt year on year, the WBMS said. Chinese refinery output decreased by 37,000 mt year on year in the given period, while Chinese apparent demand was 49,000 mt higher than in the same period of 2015. Meanwhile, world apparent demand for nickel in the first 11 months of last year was 122,000 mt higher compared to the corresponding period of the previous year.
In November alone, global nickel production stood at 154,400 mt, while global consumption amounted to 156,000 mt.