According to the World Bureau of Metal Statistics (WBMS), in the January-November period of last year there was a nickel deficit of 63,600 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of November were 8,000 mt higher than at the end of 2016.
In the January-November period of 2017, global nickel mine production totaled 1.73 million mt, up 116,000 mt year on year, the WBMS said. Chinese refinery output decreased by 400 mt year on year in the given period, while Chinese apparent demand was 122,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the given period was 32,000 mt lower compared to the corresponding period of the previous year.
In November alone, global nickel production stood at 168,900 mt, while global consumption amounted to 184,900 mt.