World Nickel Market Deficit Dropped in 2017

SEATTLE (Scrap Monster):  The latest Metals Balances Report published by the World Bureau of Metal Statistics (WBMS) suggests that global nickel market reported huge deficit at the end of the previous year.

According to WBMS data, world nickel market ended in deficit, with apparent demand exceeding production by 51,500 tonnes during January to December in 2017. This is when compared with the calculated surplus of 73,500 tonnes during the prior year. The reported metal stockpiles maintained by LME at the end of 2017 edged lower by 69.3 kt upon comparison with the closing levels of 2016.

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The World Nickel mine production has declined significantly by 271 kt over the previous year to total 1,852.7 kt in 2017. Refined Nickel production totaled 1,827.6 kt. The Chinese smelter/refinery production during the year witnessed decline of 25.0 kt compared to 2016. Meantime, apparent demand surged higher by 129 kt in comparison with the previous year, mainly on account of increased imports of Nickel metal from Russia and boost in imports of nickel pig iron from Indonesia.

The Dec ‘17 Nickel Smelter/refinery production totaled 161.6 kt, whereas the consumption totaled 143.4 kt during the month.

The WBMS Metals Balances Report also indicates that the world primary aluminum market deficit widened further in 2017 to total 985 kt, notably higher when compared with the deficit of 659 kt in 2016. The worldwide copper market ended in marginal surplus during 2017. The surplus dropped marginally from 141 kt in 2016 to 58 kt during the previous calendar year. Also, Lead, Zinc and Tin markets reported deficits at end of 2017. The lead market deficit totaled 167 kt during the year. The Zinc and Tin markets recorded deficits of 177 kt and 36 kt respectively in 2017.