WBMS Metals Balances Indicated Surplus Nickel Market

SEATTLE (Scrap Monster): The world nickel market ended in surplus during the initial ten-month period of the current year, with production exceeding apparent demand by 63.7kt. 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 27.6kt in the whole of 2019.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of October this year were up by 85.7kt, upon comparison with the year 2019 closing level. The refined metal production during the first nine months of 2020 totalled 1,958.6kt, whereas the demand totalled 1,894.9kt. The mine production was down by 238kt over the previous year at 1,886.2kt during Jan-Oct ‘20.

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The world apparent demand for nickel has dropped by 126kt year-on-year. The Chinese apparent demand too was down by 16kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 225.2kt in October this year. At the same time, consumption totalled 210.0kt.

According to WBMS data, world tin market recorded marginal deficit of 18.7kt during January to October in 2020. Meantime, global zinc market recorded surplus of 293kt, as compared with the deficit of 76kt recorded during the entire year 2019. The lead market continued to remain in deficit of 57kt in Jan-Oct ’20. It must be noted that the market had reported deficit of 278kt during the whole of 2019.