The worldwide nickel market moved to a surplus of 9,700 tonnes in December from a deficit of 1,700 tonnes the previous month, the International Nickel Study Group said on Tuesday. Last year the global nickel market registered a deficit of 49,700 tonnes which compared with a surplus of 91,400 tonnes in the whole of 2015, the INSG added.
Production from mines in the Philippines, hit by an environmental crackdown, held steady during the last three months of 2016 at 20,800 tonnes after sinking from September.
The Philippine figures for November and October were revised lower from 24,700 tonnes in the previous bulletin, sliding sharply from 43,400 tonnes in September. The Philippines environment minister has ordered the shutdown of half of the country's operating mines and imposed a ban on mining in watershed zones.