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NEW YORK (Scrap Monster): Global nickel demand may advance by 5.4% to 1.658 million tons and global production of stainless steel, the main application of nickel, may increase by 5.6% to 34.266 million tons in 2012 from 2011, said Sumitomo Metal Mining (SMM) in a briefing. Stainless steel production in China is estimated to increase by 8.2% to 14.1 million tons.

According to SMM, global nickel supply may increase by 7.6% to 1.71 million tons in 2012 from 2011.

SMM also forecasts global nickel supply would be 52,000 tons higher than the demand in 2012. The oversupply would increase from 16,000 tons in 2011. The demand is expected to increase mainly for stainless steel production in China.

Meanwhile, new nickel projects will enter operations and the supply will be larger than the demand growth. The oversupply volume would hit the largest since 2008.