World Nickel Market Recorded 56.3kt Deficit

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production during the first eight months of the current year, giving rise to deficit market. The world nickel market ended in a deficit of 56.3kt, in accordance with the latest data published by the World Bureau of Metal Statistics (WBMS). The calculated market deficit for the whole of the previous year stood at 46.3kt.

The reported stocks of the metal at the London Metal Exchange (LME) as at end-August this year surged higher by 16kt, when compared with the year-end closing level in 2017. The refined metal production during Jan-Aug ’18 totaled 1.088 million tonnes, whereas the demand totaled 1.131 million tonnes. The mine production too was higher by 160kt over the previous year at 1.468 million tonnes during the eight-month period this year.

The world apparent demand for nickel surged higher by 104kt year-on-year. The Chinese apparent demand too was up by 19kt than in the previous year.

The monthly smelter/refinery output of nickel totaled 176.4kt in August this year. At the same time, consumption totaled 187.0kt.

The WBMS data also suggests that world tin market recorded a deficit of 7.7kt during January to August in 2018. The zinc market shifted to 20.6kt surplus, as compared with the deficit of 439kt recorded during entire 2017. The lead market continued to remain in marginal deficit of 87.9kt in Jan-Aug ’18, which follows a deficit of 393kt recorded during the whole of 2017. Copper and Aluminum markets too reported market deficits.