According to the World Bureau of Metal Statistics (WBMS), in the January-August period of this year there was a nickel deficit of 77,100 mt. The nickel deficit in 2018 was 102,900 mt. Reported nickel stocks held at the London Metal Exchange (LME) at the end of August were 53,800 mt lower than at the end of 2018.
In the January-August period of 2019, global nickel mine production totaled 1.61 million mt, up 68,000 mt year on year, the WBMS said. Chinese refinery output increased by 61,000 mt year on year in the given period, while Chinese apparent demand was 139,000 mt higher than in the same period of 2018. Meanwhile, world apparent demand for nickel in the given period was 67,000 mt higher compared to the corresponding period of the previous year.
In August alone, global nickel production stood at 209,000 mt, while global consumption amounted to 217,700 mt.