World Nickel Market Recorded Marginal Deficit in Jan-Feb ‘19

SEATTLE (Scrap Monster): The world nickel market ended in surplus during the initial two-month period of the current year, with apparent demand exceeding production by 16.4kt. This is in accordance with the latest trade statistics published by the World Bureau of Metal Statistics (WBMS). The primary nickel market had reported surplus of 88kt during the whole of the previous year.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of February this year were down by 9.6kt, upon comparison with the year 2018 closing level. The refined metal production during the first two months of 2019 totaled 342.1kt, whereas the demand totaled 325.7kt. The mine production too was higher by 23kt over the previous year at 345kt during Jan-Feb ‘19.

The world apparent demand for nickel surged higher by 21kt year-on-year. The Chinese apparent demand too was up by 14kt than in the previous year.

The monthly smelter/refinery output of nickel totaled 168.9kt in February this year. At the same time, consumption totaled 157.2kt.

According to WBMS data, world tin market recorded a deficit of 8.3kt during January to February in 2019. Also, global zinc market recorded deficit of 36.8kt, as compared with the surplus of 71.6kt recorded during the entire year 2018. The lead market continued to remain in marginal deficit of 63kt in Jan-Feb ’19. It must be noted that the market had reported deficit of 280kt during the whole of 2018.