WBMS Metals Balances Points to Deficit Nickel Market

SEATTLE (Scrap Monster): The world nickel market ended in deficit during the initial four-month period of the current year, with apparent demand exceeding production by 34.3kt. 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 96.2kt in the whole of 2020.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of April  this year were up by 14kt, upon comparison with the year 2020 closing level. The refined metal production during the first four months of 2021 totalled 820.5kt, whereas the demand totalled 854.8kt. The mine production stood higher by 123kt over the previous year at 821.3kt during Jan-Apr’21.

RELATED NEWS:

Global Copper Market Ended in Tiny Deficit

World Aluminum Market Ended in  Notable Deficit

The world apparent demand for nickel has witnessed surge by 157kt year-on-year. The Chinese apparent demand too edged higher by 82kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 222.3kt in April this year. At the same time, demand totalled 236.8kt.

According to WBMS data, world tin market recorded marginal surplus of 0.5kt. The global zinc market recorded deficit of 38kt until April this year. The lead market continued to remain in deficit of 164kt.