According to the World Bureau of Metal Statistics (WBMS), in the first three months of this year there was a nickel deficit of 8,400 mt in the global market. Reported nickel stocks held at the London Metal Exchange (LME) at the end of March were 9,500 mt lower than at the end of the previous year.
In the January-March period, global nickel mine production totaled 517,300 mt, down 14,000 mt year on year, the WBMS said. Japanese refinery output increased by 5,000 mt year on year in the given period, while Japanese apparent demand was 2,200 mt higher than in the same period of 2015. Meanwhile, world apparent demand for nickel in the January-March period this year was 67,000 mt higher compared to the corresponding period of the previous year.
In March alone, global nickel production stood at 136,600 mt, while global consumption amounted to 146,600 mt.