World Nickel Market Posted Deficit in Jan-Aug '22

SEATTLE (Scrap Monster): The apparent demand for nickel metal exceeded production during the initial eight-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 75.5 kt from January to August this year.

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The reported stocks of the metal at the London Metal Exchange (LME), as at end-August this year stood lower by 45.3 kt , when compared with the levels at the end of 2021. The refined metal production during Jan-August ’22 totalled 1,894.9 kt, whereas the demand stood at 1,970.5 kt. The mine production edged higher by 256 kt over the prior year to 2,016.8 kt during the initial eight months in 2022. The world apparent demand for nickel registered increase by 76.8 kt than the previous year.

The Chinese smelter/refinery output has dropped by 49.2 kt over the corresponding eight-month period in 2021. On the contrary, the Chinese apparent demand edged higher by 27.9 kt to total 1,074.9 kt till August this year. In Indonesia, the smelter/refinery production in January to August this year surged higher by almost 23% to total 697.6 kt.

The monthly smelter/refinery production of nickel totalled 257.8 kt in August this year. At the same time, monthly demand totalled 287.2 kt.