Base metal news

The Nickel market was in surplus during January to August 2012 with production exceeding apparent demand by 77000 tonnes. World Bureau of Metals Statistics (WBMS) has said that in the whole of 2011, the calculated deficit of Nickel was 3200 tonnes. The stockpiles of Nickel held in the LME at the end of August were 9600 tonnes higher than at the end of the previous year.

Refined production of Nickel in January to August 2011 totalled 1.204 million tonnes and demand was 1.13 million tonnes in January- August 2012. In August 2012, nickel smelter production was 162600 tonnes.

World Nickel mine production during January to August was 1.255 million tonnes that was 135000 tonnes above the comparable 2011 total. Japanese refinery output increased by 4400 tonnes compared with 2011 but apparent demand was 15500 tonnes lower than in 2011. World apparent demand was 77100 tonnes higher than the previous year. In August 2012, nickel smelter consumption was 146400 tonnes.