WBMS Metals Balances: World Nickel Market in Deficit During H1 2019

SEATTLE (Scrap Monster): The world nickel market ended in deficit during the initial six-month period of the current year, with apparent demand exceeding production by 55.5kt. This is in accordance with the latest trade statistics published by the World Bureau of Metal Statistics (WBMS). The primary nickel market had reported deficit of 95.7kt during the whole of the previous year.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of June this year were down by 44.7kt, upon comparison with the year 2018 closing level. The refined metal production during the first six months of 2019 totaled 1,102.4kt, whereas the demand totaled 1,158kt. The mine production too was higher by 106kt over the previous year at 1,204.9kt during Jan-June ‘19.

The world apparent demand for nickel surged higher by 27kt year-on-year. The Chinese apparent demand too was up by 79kt than in the previous year.

The monthly smelter/refinery output of nickel totaled 193.5kt in June this year. At the same time, consumption totaled 199.7kt.

According to WBMS data, world tin market recorded marginal deficit of 4.2kt during January to June in 2019. Also, global zinc market recorded deficit of 78kt, as compared with the surplus of 64kt recorded during the entire year 2018. The lead market continued to remain in deficit of 191kt in Jan-June ’19. It must be noted that the market had reported deficit of 268kt during the whole of 2018.