Global Nickel market records surplus during Jan-May '15

BRUSSELS (Scrap Monster): Global nickel markets were in surplus of 19,000 tonnes in January-May 2015 with production exceeding apparent demand. The calculated full year surplus stood at 196,100 tonnes in the whole of 2014, according to the latest data released by the World Bureau of Metal Statistics (WBMS).

The statistics indicate that that reported stockpiles maintained by LME were 51,000 tonnes higher at the end of May this year from the closing levels of 2014.

Nickel Production

World Nickel mine production was 832.4 kt in Jan-May 2015, 25.10 kt higher when compared with the corresponding period during previous year. The ban on exports by Indonesian administration has led to reduced mine output from the country.

Refined Nickel production in Jan-May was 734 kt. The total smelter/refinery production of Nickel was 157.5 kt in May 2015. Japan's smelter/refinery production during the initial five-month period of the year witnessed a rise of 8.68 kt compared to 2014.

Nickel Demand

Refined Nickel consumption was 715 kt in Jan-May 2015. Nickel smelter consumption was 167.0 kt in May this year.

The apparent demand of Nickel from Japan was marginally higher by 0.8 kt during January to May this year when matched with the previous year. Global Nickel demand was 7.1 kt lower than the previous year.