Scrap Monster
Vulcan
Nickel May 22, 2020 03:30:23 PM

World Nickel Market Recorded Surplus in First Quarter 2020

Paul Ploumis
ScrapMonster Author
The monthly smelter/refinery output of nickel totalled 169.0 kt in March 2020.
World Nickel Market Recorded Surplus in First Quarter 2020

SEATTLE (Scrap Monster): The production of nickel exceeded apparent demand for the metal during the initial three-month period of 2020, thereby leading to 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 6.6k t in Jan-Mar ‘20.

The reported stocks of the metal at the London Metal Exchange (LME), as at end-March this year were higher by 75.5 kt, upon comparison with the end-2019 level. The refined metal production during January to March this year totalled 523.2 kt, whereas the demand totalled 516.6 kt. The mine production surged higher by 52 kt over the previous year to 595.9 kt during the first three months of the current year.

The world apparent demand for nickel registered marginal decline by 0.3 kt year-on-year. The Chinese apparent demand was up by 12 kt than in the previous year.

The monthly smelter/refinery output of nickel totalled 169.0 kt in March 2020. At the same time, demand for the month stood at 175.3 kt.

The WBMS data also suggests that world tin market recorded a marginal deficit 7.1 kt during this period. The global reported production of the refined metal dipped by 11 kt. The worldwide zinc market was in surplus by 68 kt until March in 2020, with global refined output edging higher by 6.9%. The lead market recorded deficit of 17 kt in January to March this year. The total stocks of the metal were down by 30 kt than at the end of 2019 levels, said WBMS report.

YOU MAY ALSO BE INTERESTED IN:

WBMS Posted Modest Surplus Copper Market

Primary Aluminum Market Ended in Surplus