According to the World Bureau of Metal Statistics, in the January to September period of this year there was a nickel supply surplus of 89,000 tonne in the global market. In the whole of 2011, the calculated deficit was 3,100 tonne.

WBMS said that in the January to September period this year, global nickel ore production totaled 1.4 million tonne, up 147,000 tonne compared to the whole of 2011. Japanese refinery output increased by 6,000 tonne in the first nine months this year compared to the whole of 2011, while Japanese apparent demand was 15,100 tonne lower in the given period compared to the whole of the previous year.

Meanwhile, world apparent demand for nickel in the first nine months of the current year was 74,000 tonne higher compared to the whole of 2011.