World Nickel Market Posted Deficit

The world apparent demand for nickel surged higher by 38 kt year-on-year.

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production during the initial ten-month period of 2019, thereby leading to deficit market. The world nickel market ended in a deficit of 40.4 kt, in accordance with the latest data published by the World Bureau of Metal Statistics (WBMS).

The reported stocks of the metal at the London Metal Exchange (LME), as at end-October last year declined by 140 kt, when compared with the end-2018 level. The refined metal production during Jan-Oct ‘19 totalled 1.972 million tonnes, whereas the demand totalled 2.012 million tonnes. The mine production surged higher by 130 kt over the previous year to 2.092 million tonnes from January to October in 2019.

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The world apparent demand for nickel surged higher by 38 kt year-on-year. The Chinese apparent demand too was up by 161 kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 229.5 kt in October last year. At the same time, consumption totalled 204.5 kt.

The WBMS data also suggests that world tin market recorded a marginal surplus of 1.4 kt during this period. The worldwide zinc market was in deficit by 85 kt until October in 2019. Lead market too recorded deficit of 281 kt, said WBMS report. It must be noted that the primary aluminium and copper markets too posted deficits.

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