According to the World Bureau of Metal Statistics (WBMS), in the first two months of this year there was a nickel deficit of 4,400 mt in the global market. In 2015, there was a nickel surplus of 10,800 mt. Reported nickel stocks held at the London Metal Exchange (LME) at the end of February were 1,400 mt lower than at the end of the previous year.
In the January-February period, global nickel mine production totaled 317,700 mt, down 2,000 mt year on year, the WBMS said. Japanese refinery output increased by 5,500 mt year on year in the given period, while Japanese apparent demand was 1,100 mt lower than in the same period of 2015. Meanwhile, world apparent demand for nickel in the January-February period this year was 32,000 mt higher compared to the corresponding period of the previous year.
In February alone, global nickel production stood at 160,800 mt, while global consumption amounted to 165,500 mt.