The nickel market was in surplus during January to February 2019 with apparent demand exceeding production by 16.4 kt. In the whole of 2018 the calculated surplus was 88 kt. Reported stocks held in the LME at the end of February 2019 were 9.6 kt lower than at the end of the previous year. Refined production in January to February 2019 totalled 342.1 kt and demand was 325.7 kt.
Mine production during January to February was 345 kt, 23 kt above the comparable 2018 total. Chinese trade data is now available for the first two months of 2019. Chinese smelter/refinery output increased by 14 kt compared with 2018 and apparent demand was 14 kt higher than in the previous year.
World apparent demand was 21 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes
In February 2019, nickel smelter/refinery production was 168.9 kt and consumption was 157.2 kt.
Source: WBMS |
