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LONDON (Scrap Monster): The Nickel market was in surplus during January to June 2012 with production exceeding apparent demand by 56 kt. In the whole of 2011 the calculated surplus was 7 kt, as per latest data released by World Bureau of Metal Statistics (WBMS).

Reported stocks held in the LME at the end of May were 2.2 kt higher than at the end of the previous year. Apparent demand during the second quarter was substantially below the production total. The apparent surplus for the April to June period was more than 47 kt. Refined production in January to June totalled 867.9 kt and demand was 811.5 kt, they added.

Mine production during January to June was 983 kt, 170 kt above the comparable 2011 total. Japanese refinery output increased by 1.4 kt compared with 2011 but apparent demand was 16.2 kt lower than in 2011.

World apparent demand was 50 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes

In June 2012, nickel smelter production was 158.4 kt and consumption was 138.6 kt.