On April 20, 2022, according to a report released by the World Bureau of Metal Statistics (WBMS), nickel supply was in short supply during January-February 2022, with apparent demand exceeding production by 17,400 tons. For the whole year of 2021, the global nickel market will be in short supply by 146,900 tons.

At the end of February 2022, reported inventories (including warehouse receipts) held by the LME were 22,000 tonnes lower than at the end of 2021.

In January-February 2022, global refined nickel production totaled 447,600 tons, and demand was 464,900 tons.

From January to February 2022, the global mine nickel production was 425,900 tons, an increase of 48,000 tons year-on-year.

In January-February 2022, China's smelter/refinery output increased by 12,000 tons compared with the first two months of 2021, and the apparent demand was 248,200 tons, an increase of 42,000 tons year-on-year.

Indonesia's smelter/refinery output in January-February 2022 was 160,600 tons, a year-on-year increase of 21.6%, while demand increased by 15.7% to 64,200 tons.

In January-February 2022, global apparent demand increased by 63,000 tons year-on-year. Unreported inventory changes are not included in consumption statistics. Demand is measured in apparent numbers, and the possible impact of a nationwide lockdown has not yet been fully reflected in trade statistics.

Nickel smelter/refinery product production in February was 222,600 tonnes against demand of 223,600 tonnes.