Global Nickel Market Witnessed Surplus in Jan-Apr '20

SEATTLE (Scrap Monster): The production of nickel exceeded apparent demand for the metal during the initial four-month period of 2020, thereby resulting in a surplus market. The most recent data published by the World Bureau of Metal Statistics (WBMS) suggests that world nickel market ended in a marginal surplus of 14.4kt in Jan-Apr ‘20.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-April this year stood higher by 77.4 kt , when compared with the levels during the end of the previous year. The refined metal production during January to April this year totalled 711 kt, whereas the demand totalled 697 kt. The mine production edged lower by 15 kt over the previous year to 688.7 kt during the initial four months of the current year.

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The world apparent demand for nickel registered decline by 31.4 kt than the previous year. The Chinese apparent demand edged lower by 15 kt than the previous year to total 324.4 kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 168.4 kt in April 2020. At the same time, monthly demand totalled 173.4 kt.

The WBMS data also suggests that world tin market recorded a marginal deficit 12 kt during this period. The global reported production of the refined metal dipped by 1.9 kt. The worldwide zinc market was in surplus by 51 kt until April in 2020, with global refined output edging higher by 2.5%. Lead market recorded deficit of 83 kt. The total stocks of the metal were down by 35 kt than at the end of 2019.