The nickel market was in deficit during January to July 2019 with apparent demand exceeding production by 78.7 kt. In the whole of 2018 the calculated deficit was 95.7 kt.. Reported stocks held in the LME at the end of July 2019 were 62.7 kt lower than at the end of the previous year. Refined production in January to July 2019 totalled 1308.5 kt and demand was 1387.1 kt.
Mine production during January to July was 1419.1 kt, 93 kt above the comparable 2018 total. Chinese smelter/refinery output increased by 67 kt compared with 2018 and apparent demand was 120kt higher than in the previous year.
World apparent demand was 56 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes
In July 2019, nickel smelter/refinery production was 214.1 kt and consumption was 230 kt.
Source: WBMS |