WBMS Posted Deficit Nickel Market Till April This Year

SEATTLE (Scrap Monster): The apparent demand for nickel metal exceeded production during the initial four-month period of the current year, thereby resulting in a modest deficit nickel metal market. The most recent data published by the World Bureau of Metal Statistics (WBMS) indicates that world nickel market ended in a deficit of 51.7 kt in Jan-Apr ‘22.

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The reported stocks of the metal at the London Metal Exchange (LME), as at end-April this year stood lower by 27.2kt , when compared with the levels at the end of the previous year. The refined metal production during January to April in 2022 totalled 867.8kt, whereas the demand stood at 919.5kt. The mine production edged higher by 58kt over the prior year to 882.7kt during the first four months in 2022.

The world apparent demand for nickel registered increase by 52kt than the previous year. The demand has been measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics, cautioned the WBMS report.

The monthly smelter/refinery production of nickel totalled 226.1kt in April 2022. At the same time, monthly demand totalled 225.7kt. In China, the smelter/refinery production in January to April 2022 dropped by 16kt year-on-year. Meantime, the apparent demand rose by 34kt to total 481.3kt.