INSG: Global Nickel Market Surplus Widened Further

SEATTLE (Scrap Monster): The monthly data released by the International Nickel Study Group (INSG) suggests that global nickel market surplus further widened during the month of May this year.

According to data, the global nickel market ended in a surplus of 20,700 tonnes in May 2022. The surplus expanded when compared with the surplus of 3,200 tonnes during the prior month.

The refined nickel production totalled 252,900 tonnes during the month. This is higher when compared with the production of 242,100 tonnes in April this year. On the other hand, the usage of refined nickel dropped from 238,900 tonnes in April to 232,300 tonnes in May this year. The Lisbon-based study group pointed out that mine production totalled 272,300 tonnes in May, higher when compared with the mine output which totalled 259,500 tonnes in the month before that.

During the initial five-month period of the year, the global market ended in a surplus of 16,100 tonnes. This compares with a deficit of 97,500 tonnes in the corresponding five-month period in 2021.

The cumulative refined production totalled 1,182,000 tonnes from January to May this year. This compares with 1,034,500 tonnes a year before. The refined usage too reported marginal increase from 1,132,000 tonnes in Jan-May ’21 to 1,166,000 tonnes this year.

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