The Nickel market was in deficit during January to October 2017 with apparent demand exceeding production by 49.9 kt. In the whole of 2016 the calculated deficit was 68.2 kt. Reported stocks held in the LME at the end of October 2017 were 9.4 kt higher than at the end of the previous year with most of the increases recorded in Asia. Refined production in January to October 2017 totalled 1500.8 kt and demand was 1550.7 kt.
Mine production during January to October was 1665.0 kt, 93 kt above the comparable 2016 total. Chinese smelter/refinery output decreased by 12 kt compared with 2016 and apparent demand was 143 kt lower than in the previous year due to reduced imports of Nickel metal from Russia.
World apparent demand was 65 kt lower than the previous year. No allowance is made in the consumption calculation for unreported stock changes
In October 2017, nickel smelter/refinery production was 169.7 kt and consumption was 172.7 kt.