The overall production volume for stainless steel is forecast to amount to around 3m tonnes at the end of 2011 which will increase demand for nickel demand on the global market according to Merchant Research & Consulting.
In accordance with increased demand supply will rise relatively quickly from newly planned and on-launch projects. Last year when refined global nickel output totalled around 1.4m tonnes in and the first half of 2011 there has been a nickel production deficit period which will be followed by a surplus in 2012 and 2013 according to the research.
Russia is a world leader in nickel production, its share in 2010 reached 17% of the world total followed by Indonesia and the Philippines. Canada is fourth on the list accounting for some 10% of world production.
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