The global nickel market moved to a surplus of 900 tonnes in October from a deficit of 500 tonnes the previous month, the International Nickel Study Group said on Thursday. Mine production in October fell 13 percent to 158,600 tonnes, after production in the Philippines nearly halved to 24,700 tonnes from 47,300 tonnes the month before.
Philippines is in the midst of an environmental crackdown, which has led to 10 mines being halted. During January to October, the global nickel market registered a deficit of 58,600 tonnes versus a surplus of 84,700 tonnes in the same period last year, the INSG added.