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Nickel market records deficit in Jan-Sept 2019

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LONDON (Scrap Register): The nickel market was in deficit during January to September 2019 with apparent demand exceeding production by 66.9 kt, the World Bureau of Metal Statistics (WBMS) said in its latest report.

In the whole of 2018 the calculated deficit was 102.9 kt. Reported stocks held in the LME at the end of September 2019 were 54.3 kt lower than at the end of the previous year. Refined production in January to September 2019 totalled 1741.6 kt and demand was 1808.4 kt.

Mine production during January to September was 1869.8 kt, 102 kt above the comparable 2018 total. Chinese smelter/refinery output increased by 75 kt compared with 2018 and apparent demand was 960.4 kt, 159 kt higher than in the previous year.

World apparent demand was 53 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes.

In September 2019, nickel smelter/refinery production was 225.5 kt and consumption was 230.6 kt.

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