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Nickel August 23, 2022 05:40:12 PM

WBMS: World Nickel Market Posted Deficit Till June

Paul Ploumis
ScrapMonster Author
The monthly smelter/refinery production of nickel totalled 245.3 kt in June 2022. At the same time, monthly demand totalled 244.7 kt.

WBMS: World Nickel Market Posted Deficit Till June

SEATTLE (Scrap Monster): The apparent demand for nickel metal exceeded production during the initial half-yearly 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 49.8 kt from January to June this year.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-June this year stood lower by 34.2 kt , when compared with the levels at the end of 2021. The refined metal production during H1 2022 totalled 1,365.0 kt, whereas the demand stood at 1,414.9 kt. The mine production edged higher by 195 kt over the prior year to 1,472.60 kt during the first six months in 2022.

The world apparent demand for nickel registered increase by 73 kt 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 245.3 kt in June 2022. At the same time, monthly demand totalled 244.7 kt.

The Chinese smelter/refinery output has dropped by 30 kt over the corresponding six-month period in 2021. On the contrary, the apparent demand in the country edged higher by 39 kt to total 761.3 kt till June 2022. In Indonesia, the smelter/refinery production during H1 this year surged higher by almost 20% to total 506.4 kt.

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