World Nickel Metal Posted Notable Deficit Till September

SEATTLE (Scrap Monster): The apparent demand for nickel production of the metal during the initial nine-month period of 2021, exceeded production, 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 108.5kt in Jan-Sep ‘21.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-September this year stood lower by 117kt , when compared with the levels at the end of the previous year. The refined metal production during January to September in 2021 totalled 2,043.2kt, whereas the demand totalled 1,094.1kt. The mine production edged higher by 173kt over the prior year to 2,151.7kt during the initial nine months of the current year.

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The world apparent demand for nickel registered increase by 400kt than the previous year. The Chinese apparent demand edged higher by 211kt than the previous year to total 1,219.4kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 253.2kt in September this year. At the same time, monthly demand totalled 275.3kt.

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 23kt. The worldwide zinc market was in deficit by 48kt, whereas the lead market too recorded deficit of 269.1kt.