According to the latest data report released by the World Metal Statistics Bureau (WBMS), the global nickel market is oversupplied by 23,600 tons from January to February 2021.
The previous oversupply in 2020 was 178,100 tons for the whole year.
Reported stocks held by non-LME warehouses in 2021 were 0.26 million tons higher than the level at the end of 2020.
Refined nickel production in January-February 2021 totaled 405 million tons and demand was 377 million tons.
In January-February 2021, the mine nickel output was 389,500 tons, an increase of 39,400 tons compared with the same period in 2020.
The output of China's smelters decreased by 5,200 tons from January-February 2020, while apparent demand was 188,500 tons, an increase of 28,000 tons from the same period last year.
Global apparent demand in January-February 2021 increased by 48,000 tons compared with the same period last year.
In February 2021, nickel smelter refineries produced 197,600 tons and demand was 180,600 tons.
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