Technically speaking the nickel market will have remained in deficit throughout the second half of the year, with demand outweighing supply by an estimated 77,000t. Although market-related supply cuts and subsequent strikes have contributed to the negative market balance, the bulk of the surplus generated by the nickel industry in the first half of the year was absorbed by China in a tidal wave of imports, subsequently held in stocks by both speculators as well as consumers. Some of this material has been used domestically, yet some has recently been re-exported.
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