World Nickel Market Posted Deficit Until November 2021, Says WBMS

SEATTLE (Scrap Monster): The apparent demand for nickel production of the metal during the initial eleven-month period of the previous year exceeded production, 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 135.7kt in Jan-Nov ‘21.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-November last year stood lower by 161kt , when compared with the levels at the end of 2020. The refined metal production during January to November in 2021 totalled 2,546.1kt, whereas the demand rose significantly by 84%. The mine production edged higher by 224kt over the prior year to 2,471.8kt during the initial eleven months of 2021.

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The world apparent demand for nickel registered increase by 462kt than the previous year. The Chinese apparent demand edged higher by 240kt than the previous year to total 1,522.8kt, said WBMS report.

The monthly smelter/refinery production of nickel totalled 247.3kt in November 2021. At the same time, monthly demand totalled 256.2kt.

The WBMS data also suggests that world tin market recorded a marginal surplus of 4.0kt during this period. The worldwide zinc market was in deficit by 105.9kt, whereas the lead market too recorded deficit of 193.8kt.