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Nickel September 03, 2020 11:00:38 PM

WBMS Metals Balances Indicate Surplus Nickel Market in H1 2020

Paul Ploumis
ScrapMonster Author
The world apparent demand for nickel has dropped by 95kt year-on-year.

WBMS Metals Balances Indicate Surplus Nickel Market in H1 2020

SEATTLE (Scrap Monster): The world nickel market ended in surplus during the initial six-month period of the current year, with production exceeding apparent demand by 31kt. 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 deficit of 26.9kt in the whole of 2019.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of June this year were up by 80.2kt, upon comparison with the year 2019 closing level. The refined metal production during the first six months of 2020 totalled 1,078.1kt, whereas the demand totalled 1,046.8kt. The mine production was down by 127kt over the previous year at 1,056.4kt during Jan-June ‘20.

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The world apparent demand for nickel has dropped by 95kt year-on-year. The Chinese apparent demand too was down by 39kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 198.6kt in June this year. At the same time, consumption totalled 204.4kt.

According to WBMS data, world tin market recorded marginal deficit of 17.4kt during January to June in 2020. Meantime, global zinc market recorded surplus of 177kt, as compared with the deficit of 74kt recorded during the entire year 2019. The lead market continued to remain in surplus of 36kt in Jan-June ’20. It must be noted that the market had reported deficit of 230kt during the whole of 2019.

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