[ferro-alloys.com]The Nickel market was in surplus during January to December 2018 with production exceeding apparent demand by 27 kt. In the whole of 2017 the calculated deficit was 41.3 kt. Reported stocks held in the LME at the end of December 2018 were 160 kt lower than at the end of the previous year. Refined production in January to December 2018 totalled 2272 kt and demand was 2245 kt.

Mine production during January to December was 2388 kt, 411 kt above the comparable 2017 total. Chinese trade data is now available following a six-month delay for technical reasons. Chinese smelter/refinery output increased by 127 kt compared with 2017 and apparent demand was 92 kt higher than in the previous year.

World apparent demand was 133 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes

In December 2018, nickel smelter/refinery production was 194.7 kt and consumption was 167.5 kt.

（WBMS）

• [Editor:王可]