According to the World Bureau of Metal Statistics (WBMS), in the first ten months of this year there was a nickel deficit of 57,100 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of October were 77,800 mt lower than at the end of last year.
In the January-October period of this year, global nickel mine production totaled 1.69 million mt, down 83,400 mt year on year, the WBMS said. Chinese refinery output decreased by 35,400 mt year on year in the given period, while Chinese apparent demand was 55,000 mt higher than in the same period of 2015. Meanwhile, world apparent demand for nickel in the first ten months of this year was 104,900 mt higher compared to the corresponding period of the previous year.
In October alone, global nickel production stood at 158,800 mt, while global consumption amounted to 143,500 mt.