LONDON (Scrap Register): The Nickel market was in deficit during January to February 2017 with apparent demand exceeding production by 20 kilo ton (kt), according to World Bureau of Metal Statistics (WBMS).
In the whole of 2016 the calculated deficit was 62 kt. Reported stocks held in the LME at the end of February 2017 were 5.7 kt lower than at the end of the previous year. Refined production in January to February 2017 totaled 272.1 kt and demand was 292.2 kt.
Mine production during January to February was 311 kt, 4 kt above the comparable 2016 total. Chinese smelter/refinery output decreased by 6.6 kt compared with 2016 and apparent demand was 25 kt lower than in the previous year due to reduced imports of Nickel metal from Russia.
World apparent demand was 18.6 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes.
In February 2017, nickel smelter/refinery production was 134.7 kt and consumption was 147.1 kt.