LONDON (Scrap Register): The Nickel market was in surplus during January to March 2017 with production exceeding apparent demand by 3.3 kilo ton, as per the latest figures released by the World Bureau of Metal Statistics.
In the whole of 2016 the calculated deficit was 62 kt. Reported stocks held in the LME at the end of March 2017 were 4.4 kt higher than at the end of the previous year. Refined production in January to March 2017 totaled 391.5 kt and demand was 388.2 kt.
Mine production during January to March was 417 kt, 47 kt below the comparable 2016 total. Chinese smelter/refinery output decreased by 17 kt compared with 2016 and apparent demand was 70 kt lower than in the previous year due to reduced imports of Nickel metal from Russia.
World apparent demand was 43 kt lower than the previous year. No allowance is made in the consumption calculation for unreported stock changes
In March 2017, nickel smelter/refinery production was 129.6 kt and consumption was 143.7 kt.