According to the World Bureau of Metal Statistics (WBMS), in the first six months of the current year there was a nickel supply surplus of 28,000 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of June were 42,000 mt higher than at the end of the previous year.
In the January-June period, global nickel mine production totaled 908,100 mt, up 66,400 mt year on year, the WBMS said. Japanese refinery output increased by 10,800 mt year on year in the given period, while Japanese apparent demand was 2,800 mt higher in the same period compared to the corresponding period of 2014. Meanwhile, world apparent demand for nickel in the January-June period was 61,000 mt higher compared to the corresponding period of the previous year.
In June alone, global nickel production stood at 167,200 mt, while global consumption amounted to 198,000 mt.