SHANGHAI, May 17 (SMM) – Supplies were short in the global nickel market in the first quarter of the year, as output fell short of demand by 32,000 mt, according to a report by the World Bureau of Metal Statistics (WBMS) on Wednesday, May 16.
Apparent demand, which includes total production and the difference between imports and exports, is the amount of nickel used across global markets. Nickel supplies were short by 96,000 mt in 2017.
At the end of March, nickel inventories across LME warehouses dipped 46,000 mt from the end of 2017. Global production of refined nickel totalled 422,700 mt in the first quarter, compared with apparent demand of 454,700 mt, according to the report.
From January to March, nickel output across China's smelters and refineries increased 16,000 mt year on year. Apparent demand added 29,000 mt from the same period last year.
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