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The global nickel market was in deficit during the first nine months of this year, with estimated demand exceeding supply by 108,500t, World Bureau of Metal Statistics (WBMS) has said.
Refined nickel production in January-September totalled 2.043mn t, while apparent demand was 2.151mn t.
The deficit stood in contrast with a supply surplus in 2020, when global output of refined nickel was higher than apparent consumption by 84,000t. Reported nickel inventories held in the London Metal Exchange warehouse system at the end of September this year were 117,000t lower than at the end of 2020, also pointing to the tight supply.
From January-September, global nickel ore production was at 1.97mn t, up by 207,000t on the year, according to WBMS. China's smelted and refined nickel output increased by 81,000t over the same period, with apparent demand up by 211,000t on the year to 1.22 mn t.
Production of Indonesian smelted and refined nickel in January-September was at 632,600t, up by 43pc on the year. Apparent demand was at 287,900t, doubling from the same period last year.
Global apparent demand rose by 400,000t on the year in the first three quarters of this year, WBMS said. In September, the global smelted and refined nickel output was measured at 253,200t, while demand was estimated at 275,300t.
Source: ArgusMetals
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