Commodities Buzz: Global Nickel Market Turns Into Deficit In 2021

17 Feb 2022 , 02:27 PM

The World Bureau of Metal Statistics (WBMS), stated in a latest update that the global nickel market was in deficit during January to December 2021 with apparent demand exceeding production by 144.3 kt. In the whole of 2020, the calculated surplus was 84.0 kt. Reported stocks held in the LME (Including Off warrant stocks) at the end of December 2021 were 177.4 kt lower than at the end of the previous year. Refined production in January to December 2021 totalled 2787.6 kt and demand was 2931.9 kt.

Mine production during January to December 2021 was 2705.7 kt, 236 kt above the comparable 2020 total. Chinese smelter/refinery output rose by 62 kt compared with 2020 and apparent demand was 1651.3 kt, 236 kt higher than in the previous year. In Indonesia, smelter/refinery production in 2021 was 873.1 kt which is 39 per cent higher than 2020 and demand rose by 79 per cent to 400.3 kt. World apparent demand was 486 kt higher than the previous year. December metal balances for nickel smelter/refinery recorded production at 231.7 kt and demand was 246.4 kt.

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