According to the World Bureau of Metal Statistics (WBMS), in the January-July period of this year there was a nickel deficit of 78,700 mt. The nickel deficit in 2018 was 95,700 mt. Reported nickel stocks held at the London Metal Exchange (LME) at the end of July were 62,700 mt lower than at the end of 2018.
In the January-July period of 2019, global nickel mine production totaled 1.42 million mt, up 93,000 mt year on year, the WBMS said. Chinese refinery output increased by 67,000 mt year on year in the given period, while Chinese apparent demand was 120,000 mt higher than in the same period of 2018. Meanwhile, world apparent demand for nickel in the given period was 56,000 mt higher compared to the corresponding period of the previous year.
In July alone, global nickel production stood at 214,100 mt, while global consumption amounted to 230,000 mt.