According to the World Bureau of Metal Statistics (WBMS), in the January-March period of this year there was a nickel deficit of 23,200 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of March were 23,900 mt lower than at the end of 2018.
In the January-March period of this year, global nickel mine production totaled 534,800 mt, up 45,000 mt year on year, the WBMS said. Chinese refinery output increased by 14,000 mt year on year in the given period, while Chinese apparent demand was 16,000 mt higher than in the same period of 2018. Meanwhile, world apparent demand for nickel in the given period was 10,000 mt higher compared to the corresponding period of the previous year.
In March alone, global nickel production stood at 177,700 mt, while global consumption amounted to 180,700 mt.