WBMS Metals Balances Signal Deficit Market for Nickel

SEATTLE (Scrap Monster): The world apparent demand for nickel exceeded production by 57.3 kt, thereby recording deficit market during the first five months of the current year. This is in accordance with the most recent trade statistics published by the World Bureau of Metal Statistics (WBMS). The calculated market deficit had totaled 91.3kt in the whole of 2018.

The reported nickel stocks held at the London Metal Exchange (LME) at the end of May in 2019 declined modestly by 47.5kt, when compared with the year end closing level in 2018. The refined metal production during Jan-May ’19 totaled 906kt, whereas the demand totaled 963.4kt. The mine production edged higher marginally by 81kt over the previous year to total 985.4kt during January to May in 2019.

The world apparent demand for nickel surged higher by 35kt year-on-year. The Chinese apparent demand was up by 65kt than in the previous year.

The monthly smelter/refinery output of nickel totaled 209.5kt in May 2019. At the same time, consumption totaled 227.1kt.