According to the World Bureau of Metal Statistics (WBMS), in the January-May period of this year there was a nickel deficit of 57,300 mt. The nickel deficit in 2018 was 91,300 mt. Reported nickel stocks held at the London Metal Exchange (LME) at the end of May were 47,500 mt lower than at the end of 2018.
In the January-May period of 2019, global nickel mine production totaled 985,400 mt, up 81,000 mt year on year, the WBMS said. Chinese refinery output increased by 47,000 mt year on year in the given period, while Chinese apparent demand was 65,000 mt higher than in the same period of 2018. Meanwhile, world apparent demand for nickel in the given period was 35,000 mt higher compared to the corresponding period of the previous year.
In May alone, global nickel production stood at 209,500 mt, while global consumption amounted to 227,100 mt.