WBMS: World Nickel Market Recorded Deficit in 2021

The world apparent demand for nickel registered increase by 486 kt than the previous year.

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production of the metal during the full-year 2021, thereby resulting in a modest deficit market. The most recent data published by the World Bureau of Metal Statistics (WBMS) indicates that world nickel market ended in a deficit of 144.3 kt during the previous year.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-December 2021 stood lower by 177.4 kt , when compared with the levels at the end of the year prior to that. The refined metal production during January to December in 2021 totalled 2,787.6 kt, whereas the demand totalled 2,931.9 kt. The mine production edged higher by 236 kt over 2020 to 2,705.7 kt during the whole of the previous year.

The world apparent demand for nickel registered increase by 486 kt than the previous year. The Chinese apparent demand edged higher by 236 kt than the previous year to total 1,651.3 kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 231.7 kt in December last year. At the same time, monthly demand totalled 246.4 kt.

The WBMS data also suggests that world tin market recorded a marginal surplus of 2.1 kt during the previous year. The global reported production of the refined metal surged by 3 kt. The worldwide zinc market was in deficit by 26.1 kt, whereas the lead market too recorded deficit of 130.9 kt.

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