World Nickel market records deficit in Jan-Jun 2019: WBMS
LONDON (Scrap Register): The nickel market was in deficit during January to June 2019 with apparent demand exceeding production by 55.5k tonnes, the World Bureau of Metal Statistics (WBMS) said in its latest report.
In the whole of 2018 the calculated deficit was 95700 tonnes. Reported stocks held in the LME at the end of June 2019 were 44700 tonnes lower than at the end of the previous year. Refined production in January to June 2019 totalled 1102400 tonnes and demand was 1158000 tonnes.
Mine production during January to June was 1204900 tonnes, around 106000 tonnes above the comparable 2018 total. Chinese smelter/refinery output increased by 47000 tonnes compared with 2018 and apparent demand was 79000 tonnes higher than in the previous year.
World apparent demand was 27000 tonnes higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes.
In June 2019, nickel smelter/refinery production was 193500 and consumption was 199700 tonnes.