World Nickel Supply in Surplus During 2018, Says WBMS

SEATTLE (Scrap Monster): The nickel market ended in marginal surplus during the twelve-month period from January to December in 2018. The most recent trade data published by the World Bureau of Metal Statistics (WBMS) suggests that nickel production exceeded demand by 27kt during the previous year. This compares with the calculated market deficit of 41.3kt during the whole of 2017.

The reported stock of the metal in the London Metal Exchange (LME) at the end of 2018 has reported huge decline at the end of December 2018, when compared with the year-ago period. The stock levels reported year-on-year decline by 160kt at end-Dec ’18.

Refined nickel production during the previous year totaled 2,272kt, whereas the demand totaled 2,245kt. The world apparent demand was 133kt higher than the previous year. The mine production recorded notable surge over the prior year. The 2018 production, at 2,388kt, was higher by 411kt when compared to 2017 production levels. The Chinese smelter/refinery output has increased by 127kt in 2018, upon comparison with 2017 output. The apparent demand in the country too was higher by 92kt in 2018.

The Dec ’18 smelter/refinery output of nickel totaled 33.8kt. The monthly consumption stood lower at 32.9kt.

The world tin market recorded a marginal deficit of 12.4kt in 2018. On the other hand, zinc market was in surplus by 48.5kt during the year. Also, the lead market continued to remain in deficit of 204kt in January to December in 2018.