<p>WBMS announced that the nickel market was in deficit during January to November 2021 with apparent demand exceeding production by 136 KT. In the whole of 2020, the calculated surplus was 84 KT. Reported stocks held in the LME (Including Off warrant stocks) at the end of November 2021 were 161 KT lower than at the end of the previous year. Refined production in January to November 2021 totalled 2546 KT and demand was 2682 KT.</p><p>Mine production during January to November 2021 was 2472 KT, 224 KT above the comparable 2020 total. Chinese smelter/refinery output rose by 79 KT compared with 2020 and apparent demand was 1523 KT, 240 KT higher than in the previous year. In Indonesia, smelter/refinery production in the first eleven months of 2021 was 786 KT which is 38 per cent higher than in January to November 2020 and demand rose by 84 per cent to 365 KT.</p><p>World apparent demand was 462 KKT higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics.</p><p>November metal balances for nickel smelter/refinery recorded production at 247 KT and demand was 256 KT.</p>
<p>WBMS announced that the nickel market was in deficit during January to November 2021 with apparent demand exceeding production by 136 KT. In the whole of 2020, the calculated surplus was 84 KT. Reported stocks held in the LME (Including Off warrant stocks) at the end of November 2021 were 161 KT lower than at the end of the previous year. Refined production in January to November 2021 totalled 2546 KT and demand was 2682 KT.</p><p>Mine production during January to November 2021 was 2472 KT, 224 KT above the comparable 2020 total. Chinese smelter/refinery output rose by 79 KT compared with 2020 and apparent demand was 1523 KT, 240 KT higher than in the previous year. In Indonesia, smelter/refinery production in the first eleven months of 2021 was 786 KT which is 38 per cent higher than in January to November 2020 and demand rose by 84 per cent to 365 KT.</p><p>World apparent demand was 462 KKT higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics.</p><p>November metal balances for nickel smelter/refinery recorded production at 247 KT and demand was 256 KT.</p>
