World Nickel market deficit stretches to 45kt during Jan-Oct ‘15

BRUSSELS (Scrap Monster): Global nickel markets ended in small deficit of 45,000 tonnes in January-October 2015 with apparent demand exceeding production. The calculated full year surplus had stood at 241,800 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 38,600 tonnes higher at the end of October this year from the closing levels of 2014.

Nickel Production

World Nickel mine production was 1,579 kt in January-October 2015, 114 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-Oct ’15 was 1,607.4 kt. The total smelter/refinery production of Nickel was 164.6 kt in October 2015. Japan's smelter/refinery production during the initial ten-month period of the year witnessed a jump of 7.8 kt compared to 2014.

Nickel Demand

Refined Nickel consumption was 1,652.6 kt in Jan-Oct 2015. Nickel smelter consumption was 184.3 kt in October this year.

The apparent demand of Nickel from Japan was marginally lower by 2.3 kt during January to October this year when matched with the previous year. Global Nickel demand was 208 kt higher than the previous year.