Nickel Market Recorded Deficit During Jan-Aug '19

SEATTLE (Scrap Monster): The nickel market ended in marginal deficit during the eight-month period from January to August in 2019. The most recent trade data published by the World Bureau of Metal Statistics (WBMS) suggests that nickel apparent demand exceeded production by 77.1kt during this period. This compares with the calculated market deficit of 102.9kt during the whole of 2018.

The reported stock of the metal in the London Metal Exchange (LME) at the end of August 2019 has reported huge decline, when compared with the end-2018 level. The stock levels were down by 58.3kt from 2018 closing level.

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Refined nickel production during Jan-Aug ’19 totalled 1,520.5kt, whereas the demand totalled 1,597.6kt. The world apparent demand was 67kt higher than the previous year. The mine production recorded notable surge over the prior year. The eight-month output was higher by 67kt when compared to 2018 production levels. The Chinese smelter/refinery output has increased by 61kt in Jan-Aug ‘19, upon comparison with 2018 output. The apparent demand in the country too was higher by 139k.

The Aug ’19 smelter/refinery output of nickel totalled 209kt. The monthly consumption stood higher at 217.7kt.

The world tin market recorded a marginal deficit of 5.6kt in the initial eight months of the current year. In accordance with WBMS data, zinc market was in deficit by 189kt. Also, the lead market continued to report deficit market of 241kt.