WBMS: Nickel Market Deficit Narrowed in October

SEATTLE (Scrap Monster): The world nickel market recorded deficit during the initial ten-month period of the current year, with apparent demand exceeding production by 10kt. 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 41.3kt during the whole of the previous year.

The reported stocks of the metal at the London Metal Exchange (LME) as at the end of October this year were down by 148kt, upon comparison with the year 2017 closing level. The refined metal production during the first ten months of 2018 totaled 1.860 million tonnes, whereas the demand totaled 1.870 million tonnes. The mine production too was higher by 227kt over the previous year at 1.919 million tonnes during Jan-Oct ‘18.

The world apparent demand for nickel surged higher by 157kt year-on-year. The Chinese apparent demand too was up by 102kt than in the previous year.

The monthly smelter/refinery output of nickel totaled 211.0kt in October this year. At the same time, consumption totaled 203.10kt.

According to WBMS data, world tin market recorded a deficit of 6.3kt during January to October in 2018. On the other hand, zinc market recorded surplus of 146.3kt, as compared with the deficit of 431kt recorded during the entire year 2017. The lead market continued to remain in marginal deficit of 278kt in Jan-Oct ’18. It must be noted that the market had reported deficit of 394kt in the whole of 2017.