Global Nickel Market Faced Deficit in H1 2018

SEATTLE (Scrap Monster): The global nickel market recorded marginal deficit during the first half of 2018. The apparent demand exceeded production, thereby resulting in a market deficit of around 22kt. This follows a deficit of 76kt during the whole of the previous year. Also, the reported LME stocks of the metal declined by 95kt at the end of the half-yearly period, upon comparison with the end-2017 stock level.

According to the World Bureau of Metal Statistics (WBMS), the world refined nickel production from January to June this year totaled 934.3kt, whereas the demand totaled 956.1kt. WBMS estimated the mine production during the six-month period at 1.027 million tonnes. Meantime, the world apparent demand surged higher by 84kt than the previous year, mainly aided by 29kt higher apparent demand in China. The monthly nickel production totaled 166.2kt in June alone, whereas the consumption totaled 163.4kt.

The lead market ended in a deficit of 88kt during Jan-June ’18. The refined lead production was 947.8kt and consumption was 930.2kt in June ’18.

The tin market recorded nominal surplus of 0.2%, with total reported stocks falling marginally from end-2017 level. The refined tin production totaled 30.8kt in June this year, whereas the consumption amounted to 30.5kt.

Meantime, global zinc market recorded marginal surplus of 13kt, which follows a deficit of 483kt recorded during the whole year 2017. The global refined lead production and consumption was lower than the levels recorded during the year before.