The Nickel market was in deficit during January to May 2017 with apparent demand exceeding production by 54.3 kt. In the whole of 2016 the calculated deficit was 62 kt. Reported stocks held in the LME at the end of May 2017 were 12.9 kt higher than at the end of the previous year. Refined production in January to May 2017 totalled 673.2 kt and demand was 727.4 kt.
Mine production during January to May was 715 kt, 85 kt below the comparable 2016 total. Chinese smelter/refinery output decreased by 26 kt compared with 2016 and apparent demand was 119 kt lower than in the previous year due to reduced imports of Nickel metal from Russia.
World apparent demand was 47 kt lower than the previous year. No allowance is made in the consumption calculation for unreported stock changes.
In May 2017, nickel smelter/refinery production was 145.5 kt and consumption was 162.0 kt.
Article from WBMS.