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Nickel August 25, 2021 04:30:11 PM

WBMS Metal Balances Pointed to Deficit Nickel Market

Paul Ploumis
ScrapMonster Author
The world apparent demand for nickel has increased by 255kt year-on-year.

WBMS Metal Balances Pointed to Deficit Nickel Market

SEATTLE (Scrap Monster): The world nickel market ended in deficit during the initial half of the current year, with apparent demand exceeding production by 41.1kt. This is in accordance with the latest trade statistics published by the World Bureau of Metal Statistics (WBMS). It must be noted that the primary nickel market had reported calculated surplus of 92.7kt in the whole of 2020.

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The reported stocks of the metal at the London Metal Exchange (LME) as at the end of June this year were down by 27.3kt, upon comparison with the year 2020 closing level. The refined metal production during the initial six-month period of 2021 totalled 1,283.1kt, whereas the demand totalled 1,324.2kt. The mine production was up by 193kt over the previous year at 1,283.8kt during Jan-June ‘21.

The world apparent demand for nickel has increased by 255kt year-on-year. The Chinese apparent demand too was up by 138kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 244kt in June this year. The consumption totalled 238.4kt during the month.

According to WBMS data, world tin market recorded marginal deficit of 1.6kt during H1 2021. Meantime, global zinc market recorded deficit of 90kt, as compared with the surplus of 610kt recorded during the entire year 2020. The lead market continued to remain in deficit of 251kt. It must be noted that the market had reported deficit of 118kt during the whole of the previous year.

 

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