WBMS: World Nickel Market Ended in Surplus Till September

SEATTLE (Scrap Monster): The apparent production of nickel metal exceeded demand during the initial nine-month period of the current year, thereby resulting in a modest surplus nickel metal market. The most recent data published by the World Bureau of Metal Statistics (WBMS) indicates that world nickel market ended in a marginal surplus of 10.5 kt from January to September this year.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-September this year stood lower by 46.6 kt , when compared with the levels at the end of 2021. The refined metal production during Jan-September ’22 totalled 2,138.3 kt, whereas the demand stood at 2,127.8 kt. The mine production edged higher by 287 kt over the prior year to 2,297.1 kt during the initial nine months in 2022.

The world apparent demand for nickel metal registered decline by 54.6 kt than the previous year. The demand for the metal 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, said WBMS report.

The monthly smelter/refinery production of nickel totalled 255.2 kt in September 2022. At the same time, monthly demand totalled 293.9 kt.

The Chinese smelter/refinery output has dropped by 62.2 kt over the corresponding nine-month period in 2021. On the contrary, the apparent demand in the country edged higher by 98.1 kt to total 1,121.3 kt till September this year. In Indonesia, the smelter/refinery production in Jan-Sep ‘22 surged higher by almost 23% to total 787.6 kt.

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