According to a report released by the World Bureau of Metal Statistics, in the first half of this year nickel supply exceeded apparent demand by 56,000 mt, while in the whole of 2011 the calculated surplus was 7,000 mt. Meanwhile, during the second quarter of the year world apparent nickel demand was substantially below the production total.
At the end of May, reported stocks held at the London Metal Exchange (LME) were 2,200 mt higher than at the end of last year. Global refined nickel production in January-June 2012 totalled 867,900 mt, while demand was 811,500 mt.
Global nickel mining output in January-June this year was recorded as 983,000 mt, rising 170,000 mt compared to the same period of 2011. Japanese nickel refinery output increased by 1,400 mt compared with the first six months of the previous year, but apparent demand in Japan fell by 16,200 mt as compared to the same period last year.
On the other hand, in June 2012 nickel smelter production was 158,400 mt worldwide, while consumption was 138,600 mt.