WBMS Metals Balances Signalled Surplus Nickel Market

SEATTLE (Scrap Monster): The world nickel market ended in surplus during the initial two-month period of the current year, with production exceeding apparent demand by 23.6kt. 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 178.1kt in the whole of 2020.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of February this year were up by 2.6kt, upon comparison with the year 2020 closing level. The refined metal production during the initial two months of 2021 totalled 400.5kt, whereas the demand totalled 377kt. The mine production was up by 39.4kt over the previous year at 389.5kt during Jan-Feb ‘21.

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The world apparent demand for nickel has increased by 48kt year-on-year. The Chinese apparent demand too was up by 28kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 197.6kt in February this year. The consumption totalled 180.6kt during the month.

According to WBMS data, world tin market recorded marginal surplus of 5.6kt during January to February in 2021. Meantime, global zinc market recorded surplus of 68kt, as compared with the surplus of 620kt recorded during the entire year 2020. The lead market continued to remain in deficit of 43kt in Jan-Feb ‘21. It must be noted that the market had reported deficit of 114kt during the whole of 2020.