WBMS Metals Balances Signalled Deficit Q1 Nickel Market

SEATTLE (Scrap Monster): The world nickel market ended in deficit during the initial quarter of the current year, with apparent demand exceeding production by 18.5kt. 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 95.4kt in the whole of 2020.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of March this year were up by 11.2kt, upon comparison with the year 2020 closing level. The refined metal production during the initial three months of 2021 totalled 585.9kt, whereas the demand totalled 604.4kt. The mine production was up by 44.3kt over the previous year at 567.7kt during Jan-Mar ‘21.

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The world apparent demand for nickel has increased by 79kt year-on-year. The Chinese apparent demand too was up by 43kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 197.3kt in March this year. The consumption totalled 211.2kt during the month.

According to WBMS data, world tin market recorded marginal surplus of 2.2kt during Q1 2021. Meantime, global zinc market recorded surplus of 78kt, as compared with the surplus of 620kt recorded during the entire year 2020. The lead market continued to remain in deficit of 88kt. It must be noted that the market had reported deficit of 119kt during the whole of the previous year.