World Nickel Market Posted Deficit Till October This Year

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production of the metal during the initial ten-month period of 2021, thereby resulting in a modest deficit market. The most recent data published by the World Bureau of Metal Statistics (WBMS) indicates that world nickel market ended in a deficit of 133.1kt in Jan-Oct ‘21.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-October this year stood lower by 135kt , when compared with the levels at the end of the previous year. The refined metal production during January to October in 2021 totalled 2,291.8kt, whereas the demand totalled 2,424.9kt. The mine production edged higher by 238kt over the prior year to 2,251.8kt during the initial ten months of the current year.

The world apparent demand for nickel registered increase by 441kt than 2020. The Chinese apparent demand edged higher by 236kt than the previous year to total 1,378.6kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 243.6kt in October this year. At the same time, monthly demand totalled 268.8kt.

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The WBMS data also suggests that world tin market recorded a marginal surplus of 2.1kt during this period. The global reported production of the refined metal surged by 16kt. The worldwide zinc market was in deficit by 5.4kt, while the lead market too recorded deficit of 250.4kt.