According to the World Bureau of Metal Statistics (WBMS), in the first eight month of this year there was a nickel deficit of 40,200 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of August were 16,800 mt higher than at the end of 2016.
In the January-August period this year, global nickel mine production totaled 1.25 million mt, up 16,000 mt year on year, the WBMS said. Chinese refinery output decreased by 31,000 mt year on year in the given period, while Chinese apparent demand was 152,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the first eight months of this year was 101,000 mt lower compared to the corresponding period of the previous year.
In August alone, global nickel production stood at 158,500 mt, while global consumption amounted to 159,100 mt.