Sumitomo Predicts First Nickel Deficit in Five Years

Mineweb reported that Sumitomo Metal Mining Co. Ltd. (TSE:5713) expects a global nickel deficit in 2015 for the first time in five years as supply from China drops.

As quoted in the market news:

The forecast deficit represents 0.6 percent of global nickel production this year, and will help London Metal Exchange prices stabilize above the current level, he said. Output is forecast to expand 1.5 percent to 1.99 million tons.

Hiroshi Sueta, general manager of Sumitomo, stated:

Ore stockpiled in China will be probably exhausted by around the middle of this year. They must review their NPI production for the latter half of this year.

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