World Nickel Market Posted Modest Deficit Until May

SEATTLE (Scrap Monster): The apparent demand for nickel production of the metal during the initial five-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 42.7kt in Jan-May ‘21.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-May this year stood lower by 13.7kt , when compared with the levels at the end of the previous year. The refined metal production during January to May in 2021 totalled 1,051.4kt, whereas the demand totalled 1,094.1kt. The mine production edged higher by 173kt over the prior year to 1,060.8kt during the initial five months of the current year.

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The world apparent demand for nickel registered increase by 229kt than 2020. The Chinese apparent demand edged higher by 123kt than the previous year to total 564.9kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 228.5kt in May this year. At the same time, monthly demand totalled 239.3kt.

The WBMS data also suggests that world tin market recorded a marginal deficit of 1.4kt during this period. The global reported production of the refined metal surged by 35kt. The worldwide zinc market was in deficit by 356kt, whereas the lead market recorded deficit of 210kt.