Global Nickel Market Witnessed Nominal Deficit

SEATTLE (Scrap Monster): The world apparent demand for nickel exceeded production by 78.7kt, thereby recording deficit market during the first seven months of the current year. This is with reference to the latest trade statistics published by the World Bureau of Metal Statistics (WBMS). It must be noted that the primary nickel market had reported a deficit of 95.7kt during the whole of the previous year.

The reported nickel stocks held at the London Metal Exchange (LME) at the end of July this year declined modestly by 62.7kt, when compared with the year end closing level in 2018. The refined metal production during Jan-July ‘19 totalled 1.309 million tonnes (Mt), whereas the demand totalled 1.387 Mt. The mine production too edged higher by 93kt over the previous year at 1.419 Mt during January to July in 2019.

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The world apparent demand for nickel surged higher by 56kt year-on-year. The Chinese apparent demand too was up by 120kt than in the corresponding period a year before.

The monthly smelter/refinery output of nickel totalled 214.10 kt in July 2019. At the same time, consumption totalled 230.0kt.

According to WBMS data, world tin market recorded a marginal deficit of 4.8kt during Jan-July ‘19. Also, zinc market was in deficit by 6kt, in comparison with the surplus of 64kt recorded during the entire year 2018. The lead market continued to remain in deficit of 177kt during the initial seven-month period this year. It must be noted that the market had reported deficit of 265kt in the whole of 2018.