According to the World Bureau of Metal Statistics (WBMS), in the January-October period of this year there was a nickel deficit of 49,900 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of October were 9,400 mt higher than at the end of 2016.
In the January-October period this year, global nickel mine production totaled 1.66 million mt, up 93,000 mt year on year, the WBMS said. Chinese refinery output decreased by 12,000 mt year on year in the given period, while Chinese apparent demand was 143,000 mt lower than in the same period of 2016. Meanwhile, world apparent demand for nickel in the first ten months of this year was 65,000 mt lower compared to the corresponding period of the previous year.
In October alone, global nickel production stood at 169,700 mt, while global consumption amounted to 172,700 mt.