World Nickel Market Posted Surplus Until November 2020

SEATTLE (Scrap Monster): The production of nickel exceeded apparent demand for the metal during the initial eleven-month period of 2020, thereby resulting in a surplus market. The most recent data published by the World Bureau of Metal Statistics (WBMS) suggests that world nickel market ended in a marginal surplus of 53.6kt in Jan-Nov ‘20.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-November last year stood higher by 88.2kt , when compared with the levels during the end of 2019. The refined metal production during January to November in 2020 totalled 2,190.8kt, whereas the demand totalled 2,137.2kt. The mine production edged lower by 285kt over the prior year to 2,078.8kt during the initial eleven months of the previous year.

The world apparent demand for nickel registered decline by 99kt than 2019. The Chinese apparent demand edged lower by 11kt than the previous year to total 1,186.6kt, said WBMS report.

The monthly smelter/refinery output of nickel totalled 210.2kt in November 2020. At the same time, monthly demand totalled 217.4kt.

The WBMS data also suggests that world tin market recorded a marginal deficit 16.9kt during this period. The global reported production of the refined metal dipped by 8kt. The worldwide zinc market was in surplus by 356kt until November in 2020, with global refined output edging higher by 0.9%. Lead market recorded deficit of 86kt. The total stocks of the metal were up by 37.6kt than at the end of 2019.

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