World Nickel Market Posted Deficit in Jan- Aug '21

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production of the metal during the initial eight-month period of 2021, thereby resulting in a modest deficit market. The most recent data published by the World Bureau of Metal Statistics (WBMS) indicates that world nickel market ended in a deficit of 83.10kt in Jan-Aug ‘21.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-August this year stood lower by 79kt , when compared with the levels at the end of the previous year. The refined metal production during January to August in 2021 totalled 1,799.20kt, whereas the demand totalled 1,094.1kt. The mine production edged higher by 173kt over the prior year to 1,882.20kt during the initial eight months of the current year.

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The world apparent demand for nickel registered increase by 384kt than the previous year. The Chinese apparent demand edged higher by 206kt than the previous year to total 1,047.1kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 258.9kt in August this year. At the same time, monthly demand totalled 285.9kt.

The WBMS data also suggests that world tin market recorded a marginal deficit of 2.8kt during this period. The global reported production of the refined metal surged by 30kt. The worldwide zinc market was in deficit by 128kt, whereas the lead market too recorded deficit of 201.5kt.