WBMS Points to Deficit Nickel Market Until February 2022

SEATTLE (Scrap Monster): The apparent demand for nickel metal exceeded production during the initial two-month period of the current year, thereby resulting in a modest deficit nickel metal market. The most recent data published by the World Bureau of Metal Statistics (WBMS) indicates that world nickel market ended in a deficit of 17.4kt in Jan-Feb ‘22.

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The reported stocks of the metal at the London Metal Exchange (LME), as at end-February this year stood lower by 22kt , when compared with the levels at the end of the previous year. The refined metal production during January to February in 2022 totalled 447.6kt, whereas the demand stood at 464.9kt. The mine production edged higher by 48kt over the prior year to 425.9kt during the first two months in 2022.

The world apparent demand for nickel registered increase by 63kt than the previous year. The demand has been measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics, said WBMS report.

The monthly smelter/refinery production of nickel totalled 222.6kt in February 2022. At the same time, monthly demand totalled 223.6kt. In Indonesia, the smelter/refinery production in January and February 2022 surged higher by 21.6% to total 160.6kt. Meantime, the demand rose by 15.7% to 64.2kt.