WBMS Metal Balances Points to Deficit Nickel Market

SEATTLE (Scrap Monster): The world nickel market ended in deficit during the initial seven-month period of the current year, with apparent demand exceeding production by 44.7kt. 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 surplus of 92.7kt in the whole of the previous year.

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The reported stocks of the metal at the London Metal Exchange (LME) as at the end of July this year were down by 52kt, upon comparison with the year 2020 closing level. The refined metal production during the initial seven-month period of 2021 totalled 1,527.6kt, whereas the demand totalled 1,572.3kt.

The world apparent demand for nickel has increased by 295kt year-on-year. The monthly smelter/refinery output of nickel totalled 243.6kt in July this year. The consumption totalled 252.0kt during the month.

According to WBMS data, world tin market recorded marginal deficit of 2.1kt during Jan-July ‘21. Meantime, global zinc market recorded deficit of 79kt, as compared with the surplus of 614kt recorded during the entire year 2020. The lead market continued to remain in deficit of 242kt. It must be noted that the market had reported deficit of 133kt during the whole of 2020.