Global Nickel Market Recorded Notable Deficit

SEATTLE (Scrap Monster): In accordance with the latest trade statistics published by the World Bureau of Metal Statistics (WBMS), the global nickel market recorded deficit during the first seven months of the current year, with apparent demand exceeding production by 43.3kt. It must be noted that the nickel market had recorded deficit of 76.3kt during the entire previous year.

According to data, the reported nickel stocks at the end of the seventh month of the year stood lower by 112kt, when compared with end-2017 level. The refined nickel production totaled 1,087.8kt during Jan-July ’18, whereas the mine production totaled 1,228.3 kt. The Chinese smelter output increased marginally during this period. The world apparent demand at 1,131.1kt was 93kt higher over the previous year. Meantime, the nickel smelter output totaled 161.8kt in the month of July ’18, whereas the monthly nickel consumption totaled 170.9kt.

The lead market ended in marginal surplus of 4.5kt during Jan-July ’18. The refined lead production was 950.4kt and consumption was 890.1kt in July ’18.

The tin market recorded nominal deficit 3.6kt, with total reported stocks reporting marginal increase from end-2017 level. The refined tin production totaled 30.9kt in July this year, whereas the consumption amounted to 31.7kt.

Meantime, global zinc market recorded marginal deficit of 35.1kt, which follows a deficit of 448kt recorded during the whole year 2017. The global refined lead production and consumption declined upon comparison with the levels recorded during the year before.