On September 21, 2022, the latest report data from the World Metal Statistics Bureau (WBMS) showed that the global nickel supply was short by 48,000 tons in January-July 2022 and 150,500 tons for the whole of 2021 (revised data).
As of July 2022, LME reported inventories, including non-warehouse receipt inventories, were 41,700 tons lower year-on-year than in 2021.
Global refined nickel production stood at 1.60.02 million tonnes in January-July 2022, while demand stood at 1.648,300 million tonnes.
In January-July 2022, global nickel mine production stood at 172.83 million tons, an increase of 215,000 tons year-on-year.
In the January-July period of 2022, China's smelter output decreased by 44,500 tons year-on-year, while apparent demand increased by 198,000 tons to 891,900 tons. Indonesian smelters produced 586,200 tonnes, up 18 per cent from a year earlier.
From January to July 2022, apparent global demand increased by 49,000 tons year-on-year.
In July 2022, the global recorded production of nickel smelters was 24.. 260,000 tons, with demand at 235,600 tons.
No allowance is made for unreported changes in inventory in consumption calculations. Demand is measured on an apparent basis and the full impact of state lockdowns is likely to be underreflected in trade statistics.
