WBMS: World Nickel Market Posted Deficit in First Seven Months

SEATTLE (Scrap Monster): The apparent demand for nickel metal exceeded production during the initial seven-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 48.0 kt from January to July this year.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-July this year stood lower by 41.7 kt , when compared with the levels at the end of 2021. The refined metal production during Jan-July ’22 totalled 1,600.2 kt, whereas the demand stood at 1,648.3 kt. The mine production edged higher by 215 kt over the prior year to 1,728.3 kt during the initial seven months in 2022.

The world apparent demand for nickel registered increase by 49 kt 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, said WBMS report.

The monthly smelter/refinery production of nickel totalled 242.6 kt in July 2022. At the same time, monthly demand totalled 235.6 kt.

The Chinese smelter/refinery output has dropped by 44.5 kt over the corresponding seven-month period in 2021. On the contrary, the apparent demand in the country edged higher by 19.8 kt to total 891.9 kt till July this year. In Indonesia, the smelter/refinery production in January to July this year surged higher by almost 18% to total 586.2 kt.

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