WBMS Metals Balances Indicated Surplus Global Nickel Market

The world apparent demand for nickel has dropped by 109kt year-on-year.

SEATTLE (Scrap Monster): The world nickel market ended in surplus during the initial seven-month period of the current year, with production exceeding apparent demand by 33kt. This is in accordance with the latest trade statistics published by the World Bureau of Metal Statistics (WBMS). It must be noted that the primary nickel market had reported calculated deficit of 26.9kt in the whole of 2019.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of July this year were up by 81.9kt, upon comparison with the year 2019 closing level. The refined metal production during the first seven months of 2020 totalled 1,290.6kt, whereas the demand totalled 1,257.4kt. The mine production was down by 177kt over the previous year at 1,242.3kt during Jan-July ‘20.

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The world apparent demand for nickel has dropped by 109kt year-on-year. The Chinese apparent demand too was down by 46kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 210.8kt in July this year. At the same time, consumption totalled 204.9kt.

According to WBMS data, world tin market recorded marginal deficit of 18.5kt during January to July in 2020. Meantime, global zinc market recorded surplus of 210kt, as compared with the deficit of 74kt recorded during the entire year 2019. The lead market continued to remain in surplus of 72kt in Jan-July ’20. It must be noted that the market had reported deficit of 243kt during the whole of the previous year.

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