A global deficit of refined nickel diminished in April after a jump in refined metal output from Indonesia and China, data from the International Nickel Study Group showed on 22 June.
Global refined nickel production grew by 2.5 percent in April from the month before to 169,900 tonnes, while demand moderated slightly to 173,100 tonnes.
That left the market with a 3,200 tonne deficit, down from a revised 8,200 tonne deficit in March. Refined nickel production in March was revised down sharply to 165,700 tonnes from 173,100 tonnes previously. Global nickel mine production recovered by 10.9 percent to 174,400 tonnes in April from a revised 157,300 tonnes in March, mostly due to rising production in Indonesia which almost doubled.
Indonesia's mines have ramped up this year after the key global supplier introduced new rules to allow some ore exports in a sweeping policy shift after banning ore exports in 2014.
For the first four months of the year, Indonesian mined nickel supply nearly doubled to 96,200 tonnes, boosting primary production in both Indonesia and China. Indonesia's refined production nearly tripled to 64,000 tonnes, while China's output climbed 12.9 percent to 196,700 tonnes.
World mine production for the first four months stood at 637,600 tonnes, in line with the same period of last year. Mine production from the Philippines fell by more than a fifth over the period due to bad weather and a government crackdown on mining, while output from Botswana ceased after a major mine was put into liquidation late last year.
For the first four months of the year, world refined production grew 5.7 percent to 667,500 tonnes, and world refined usage jumped 6.7 percent to 689,900.
Source: Reuters
