[ferro-alloys.com]The Nickel market was in deficit during January to November 2018 with apparent demand exceeding production by 6.5 kt. In the whole of 2017 the calculated deficit was 41.3 kt. Reported stocks held in the LME at the end of November 2018 were 154 kt lower than at the end of the previous year. Refined production in January to November 2018 totalled 2079 kt and demand was 2085 kt.

Mine production during January to November was 2169 kt, 289 kt above the comparable 2017 total. Chinese trade data has just become available following a six-month delay for technical reasons. Chinese smelter/refinery output increased by 136 kt compared with 2017 and apparent demand was 127 kt higher than in the previous year.

World apparent demand was 168 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes

In November 2018, nickel smelter/refinery production was 212.4 kt and consumption was 201.5 kt.

（WBMS official website）

• [Editor:王可]