WBMS: World Nickel Market Posted Deficit in Jan-Oct '22

SEATTLE (Scrap Monster): The apparent demand for nickel metal exceeded production during the initial ten-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 116.6 kt from January to October this year.

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The reported stocks of the metal at the London Metal Exchange (LME), as at end-October this year stood lower by 47.8 kt , when compared with the levels at the end of 2021. The refined metal production during January to October 2022 totalled 2,371.5 kt, whereas the demand stood at 2,488.1 kt. The mine production edged higher by 326 kt over the prior year to 2,560.6 kt during the initial ten-month period of the current year. The world apparent demand for nickel registered marginal increase by 38.1 kt than the previous year.

The Chinese smelter/refinery output has dropped by 62.3 kt over the corresponding ten-month period in 2021. On the contrary, the Chinese apparent demand edged higher by 39.6 kt to total 1,418.1 kt till October this year. In Indonesia, the smelter/refinery production in January to October this year surged higher by almost 20% to total 866.4 kt.

The monthly smelter/refinery production of nickel totalled 251.0 kt in October this year. At the same time, monthly demand totalled 269.6 kt.