The nickel market was in deficit during January to March 2019 with apparent demand exceeding production by 23.2 kt. In the whole of 2018 the calculated deficit was 90 kt. WBMS has revised its estimated demand for Indonesia for the last three years which has changed the market balances for the period. Reported stocks held in the LME at the end of March 2019 were 23.9 kt lower than at the end of the previous year. Refined production in January to March 2019 totalled 512.0 kt and demand was 535.3 kt.
Mine production during January to March was 534.8 kt, 45 kt above the comparable 2018 total. Chinese smelter/refinery output increased by 14 kt compared with 2018 and apparent demand was 16 kt higher than in the previous year.
World apparent demand was 10 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes
In March 2019, nickel smelter/refinery production was 177.7 kt and consumption was 180.7kt.
Source: WBMS |
