World Nickel Market Recorded Deficit Until Nov ‘19

SEATTLE (Scrap Monster): The apparent demand for nickel exceeded production during the initial eleven-month period of 2019, thereby leading the market to a deficit. The most recent data published by the World Bureau of Metal Statistics (WBMS) suggests that world nickel market ended in a deficit of 38.8 kt in Jan-Nov ‘19.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-November last year witnessed decline by 137 kt, when compared with the end-2018 level. The refined metal production during Jan-Nov ‘19 totalled 2.197 million tonnes, whereas the demand totalled 2.236 million tonnes. The mine production surged higher by 141 kt over the previous year to 2.332 million tonnes during January to November in 2019.

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The world apparent demand for nickel surged higher by 69 kt year-on-year. The Chinese apparent demand too was up by 190 kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 221.3 kt in November last year. At the same time, consumption totalled 218.8 kt.

The WBMS data also suggests that world tin market recorded a marginal surplus of 0.9 kt during this period. The worldwide zinc market was in deficit by 174.1 kt until November in 2019. Lead market too recorded deficit of 344 kt, said WBMS report. It must be noted that the primary aluminium market had recorded surplus, whereas the copper market had posted deficit.