World Nickel Market Posted Modest Deficit in First Quarter

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production of the metal during the initial quarter of the current year, 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 46.1 kt from January to March in 2022.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-March 2022 stood lower by 24.8 kt , when compared with the levels at the end of the year prior to that. The refined metal production during January to March this year totalled 660.7 kt, whereas the demand totalled 706.8 kt. The mine production edged higher by 36 kt over the comparable three-month period in 2021 to 616.7 kt during Q1 2022.

The world apparent demand for nickel registered increase by 80 kt than the previous year. The Chinese apparent demand edged higher by 57 kt than the previous year to total 376.5 kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 222.1 kt in March this year. At the same time, monthly demand totalled 238.0 kt.

The WBMS data also suggests that world tin market recorded a marginal surplus of 0.7 kt during the first quarter of the year. The global reported production of the refined metal dipped by 12 kt. The worldwide zinc market was in surplus by 37.8 kt, whereas the lead market recorded deficit of 92 kt during the three-month period.

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