Nickel market ends in small deficit during Jan-Feb ‘16

BRUSSELS (Scrap Monster): Global nickel markets ended in small deficit of 4,400 tonnes in January-February 2016 with apparent demand exceeding production. The calculated full year surplus had stood at 10.8 kt during the whole year 2015, 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 1.4 kt lower at the end of February this year from the closing levels of 2015.

Nickel Production

World Nickel mine production was 317.7 kt in January-February 2016, 2 kt lower 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. The local mine production from the country continued to remain weak.

Refined Nickel production in Jan-Feb ’16 was 322 kt. The total smelter/refinery production of Nickel was 160.8 kt in February 2016. Japan's smelter/refinery production during the initial two-month period of the year witnessed a jump of 5.5 kt compared to 2015.

Nickel Demand

Refined Nickel consumption during Jan-Feb ’16 surged higher by 32 kt when matched with the previous year. Nickel smelter consumption was 165.5 kt in February this year.

The apparent demand of Nickel from Japan was marginally lower during January to February this year when matched with the previous year. The refined Nickel demand in January to February this year totaled 326.5 kt.