H1 2017 nickel production results

Norilsk Nickel has been the last of the major seaborne nickel producers to announce H1 2017 production results today. Production decreased by 15% YoY. The industry as a whole did not have a good production H1: Vale -4%, Jinchuan -18%, Glencore -10%, AngloAmerican -6%, Sherritt -12%. However, BHP (+2%) and Eramet (+13%) could increase production YoY.

On balance, this is still a significant supply decrease of 43kt of nickel for the aforementioned companies! After a lot of bullish news has come in on nickel supply from the Philippines and Indonesia, this may counterbalance some of the effect. Any views on the impact and the reasons why?

Your Metalshub team

Picture copyright: © Marc le Chelard / SLN / ERAMET T_