The global nickel market recorded a deficit in the first four months of the year with demand exceeding production by 34,300mt on an annual basis, according to the World Bureau of Metal Statistic (WBMS). The market had reported a surplus of 96,200mt for the full year 2020.
In January-April, refined nickel output totaled 820,500mt while demand for the material tallied at 854,500mt.
Global nickel mine production increased by 123,000mt to 821,300mt in the four-month period under review compared to the same timeframe in 2020. In January-April, Chinese smelter/refinery production was up by 18,000mt while the demand increased by 82,000mt to 437,100 mt from the four-month period in 2020.
Global nickel demand increased by 157,000mt in the first four months of the year compared to the same period last year. Nickel refinery and smelter production around the world in April stood at 222,300mt while demand was at 236,8000mt, WBMS reported.