Global base metals in deeper deficits in Jan-Nov 2017-Shanghai Metals Market

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Global base metals in deeper deficits in Jan-Nov 2017

Industry News 04:03:50PM Jan 18, 2018 Source:WBMS

SHANGHAI, Jan. 18 (SMM)-Nonferrous metals saw more deficits from January to November 2017 compared to the same period in 2016, according to a release from the World Bureau of Metal Statistics (WBMS).

Aluminium

Aluminium saw a deficit of 1.57 million mt, following a deficit of 770,000 mt in 2016. Demand for primary aluminium for January to November 2017 was 54.92 million mt. This was 1.41 million mt more than the first 11 months of 2016.

Production in January to November 2017 rose 534,000 mt compared with 2016. Producer stock data is no longer published and total reported stocks fell by 5,000 mt during November. Reported stocks stood at 2.24 million mt at the end of November, which equated to 14 days of demand, and compared with 2.76 million mt at the end of 2016. Total stocks held in the four exchanges in London, Shanghai, US and Tokyo were 1.85 million mt at the end of November 2017 which was 477,000 mt below the December 2016 total.

Overall, global production rose 1% compared with the first 11 months of 2016. Chinese output was estimated at 29.54 million mt, accounting for about 55% of global output. Chinese demand was 2% higher than 2016. Chinese net exports were 335,000 mt while net exports of unwrought aluminium for the whole of 2016 were 255,000 mt. Net exports of aluminium semi manufactures from China rose from 3.38 million mt in January to November 2016 to 3.49 million mt in the first 11 months of 2017.

Production in the European Union (EU) was 0.4% higher than the previous year and NAFTA output fell by 2%. EU demand was 115,000 mt higher than 2016. Global demand rose 2.6% compared with the levels a year ago.

In November 2017, primary aluminium production stood at 4.49 million mt and consumption was 4.62 million mt. 

Copper

Copper saw a deficit of 118,700 mt, following a deficit of 102,000 mt in the whole of 2016. Reported stocks fell during November and closed 127,000 mt lower than at the end of December 2016.

Global mine production from January to November 2017 was 18.6 million mt, which was 0.4% lower than in the same period in 2016. Global refined production from January to November 2017 was 21.57 million mt, up 1.3% compared with the previous year with a significant increase recorded in China (500,000 mt) and a decline in Chile (182,000 mt).

Global consumption from January to November 2017 was 21.69 million mt compared with 21.52 million mt for the same months of 2016. Chinese consumption from January to November 2017 rose by 187,000 mt to 10.78 million mt compared to the same months of 2016 and accounted for 50% of global demand. EU production rose 2.9% and demand stood at 3.08 million mt, 1.8% below the January to November 2016 total. 

In November 2017, refined copper production was 2 million mt and consumption was 2.02 million mt.

Lead

The lead market registered a deficit of 378,000 mt from January to November 2017 following a deficit of 154,000 mt in the whole of 2016. Total stocks at the end of November were 56,000 mt lower than at the end of 2016.

World refined production from January to November 2017 from both primary and secondary sources was 10.55 million mt which was 6.3% higher than in the comparable months of 2016. Chinese demand was 587,000 mt above the comparable period in 2016, accounting for just over 42% of the global total. For the US, apparent demand has increased by 193,000 mt for January to November 2017 compared to the first 11 months of 2016.

In November 2017, refined lead production was 889,400 mt and consumption was 901,700 mt. 

Zinc

Zinc saw a shortfall of 524,000 mt, which compares with a deficit of 202,000 mt in the whole of the previous year. Reported stocks fell by 33,800 mt during November. LME stocks fell by 42,500 mt in November and ended the month 216,000 mt lower than at the end of 2016. LME stocks account for just over 30% of the global total. Chinese demand increased by 0.6% compared with the previous year. Production of locally refined metal in China fell 1.4% compared with 2016. Chinese imports of mostly special high grade metal were 123,000 mt in November which brought the year to date figure to 575,500 mt.

Global refined production rose 0.5% and consumption picked up 2.7% from levels a year earlier. Japanese demand was, at 489,000 mt, 13.6% above the total from January to November 2016.

World demand was 342,000 mt higher from January to November 2017 than for January to November 2016. Chinese demand was 6.17 million mt, nearly 47% of the global total. In November 2017, slab zinc production was 1.24 million mt and consumption was 1.2 million mt. 

Nickel

Nickel saw a deficit from January to November 2017 with demand exceeding production by 63,600 mt. In 2016, the deficit was 68,200 mt. Reported stocks held in the LME at the end of November 2017 were 8,000 mt higher than at the end of the previous year with most of the increases recorded in Asia. Refined production from January to November 2017 totalled 1.67 million mt and demand was 1.74 million mt.

Mine production from January to November was 1.73 million mt, 116,000 mt above the comparable 2016 total. Chinese smelter/refinery output dipped 400 mt compared with 2016 and demand was 122,000 mt lower than in the previous year due to reduced imports of nickel from Russia.

World demand was 32,000 mt lower than the previous year. In November 2017, nickel smelter/refinery production was 168,900 mt and consumption was 184,900 mt. 

Tin

Tin saw a shortfall of 9,100 mt from January to November 2017. Total reported stocks fell by 1,200 mt in November and ended the period 5,200 mt higher than December 2016. 

Global production of refined metal was up 19,000 mt, compared with January to November 2016. Production in Asia was 20,300 mt higher than the January to November 2016 total. Apparent demand in China was 6.8% lower than the equivalent period of the previous year.

Global tin demand during January to November 2017 was 343,700 mt which was 1.8% below the comparable period of 2016. Japanese consumption was 26,600 mt which was 9.2% higher than the comparable period of 2016.

In November 2017, refined production was 29,800 mt and consumption was 31,000 mt.

 


The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.

Key Words:  WBMS   supply and demand   balances 

Global base metals in deeper deficits in Jan-Nov 2017

Industry News 04:03:50PM Jan 18, 2018 Source:WBMS

SHANGHAI, Jan. 18 (SMM)-Nonferrous metals saw more deficits from January to November 2017 compared to the same period in 2016, according to a release from the World Bureau of Metal Statistics (WBMS).

Aluminium

Aluminium saw a deficit of 1.57 million mt, following a deficit of 770,000 mt in 2016. Demand for primary aluminium for January to November 2017 was 54.92 million mt. This was 1.41 million mt more than the first 11 months of 2016.

Production in January to November 2017 rose 534,000 mt compared with 2016. Producer stock data is no longer published and total reported stocks fell by 5,000 mt during November. Reported stocks stood at 2.24 million mt at the end of November, which equated to 14 days of demand, and compared with 2.76 million mt at the end of 2016. Total stocks held in the four exchanges in London, Shanghai, US and Tokyo were 1.85 million mt at the end of November 2017 which was 477,000 mt below the December 2016 total.

Overall, global production rose 1% compared with the first 11 months of 2016. Chinese output was estimated at 29.54 million mt, accounting for about 55% of global output. Chinese demand was 2% higher than 2016. Chinese net exports were 335,000 mt while net exports of unwrought aluminium for the whole of 2016 were 255,000 mt. Net exports of aluminium semi manufactures from China rose from 3.38 million mt in January to November 2016 to 3.49 million mt in the first 11 months of 2017.

Production in the European Union (EU) was 0.4% higher than the previous year and NAFTA output fell by 2%. EU demand was 115,000 mt higher than 2016. Global demand rose 2.6% compared with the levels a year ago.

In November 2017, primary aluminium production stood at 4.49 million mt and consumption was 4.62 million mt. 

Copper

Copper saw a deficit of 118,700 mt, following a deficit of 102,000 mt in the whole of 2016. Reported stocks fell during November and closed 127,000 mt lower than at the end of December 2016.

Global mine production from January to November 2017 was 18.6 million mt, which was 0.4% lower than in the same period in 2016. Global refined production from January to November 2017 was 21.57 million mt, up 1.3% compared with the previous year with a significant increase recorded in China (500,000 mt) and a decline in Chile (182,000 mt).

Global consumption from January to November 2017 was 21.69 million mt compared with 21.52 million mt for the same months of 2016. Chinese consumption from January to November 2017 rose by 187,000 mt to 10.78 million mt compared to the same months of 2016 and accounted for 50% of global demand. EU production rose 2.9% and demand stood at 3.08 million mt, 1.8% below the January to November 2016 total. 

In November 2017, refined copper production was 2 million mt and consumption was 2.02 million mt.

Lead

The lead market registered a deficit of 378,000 mt from January to November 2017 following a deficit of 154,000 mt in the whole of 2016. Total stocks at the end of November were 56,000 mt lower than at the end of 2016.

World refined production from January to November 2017 from both primary and secondary sources was 10.55 million mt which was 6.3% higher than in the comparable months of 2016. Chinese demand was 587,000 mt above the comparable period in 2016, accounting for just over 42% of the global total. For the US, apparent demand has increased by 193,000 mt for January to November 2017 compared to the first 11 months of 2016.

In November 2017, refined lead production was 889,400 mt and consumption was 901,700 mt. 

Zinc

Zinc saw a shortfall of 524,000 mt, which compares with a deficit of 202,000 mt in the whole of the previous year. Reported stocks fell by 33,800 mt during November. LME stocks fell by 42,500 mt in November and ended the month 216,000 mt lower than at the end of 2016. LME stocks account for just over 30% of the global total. Chinese demand increased by 0.6% compared with the previous year. Production of locally refined metal in China fell 1.4% compared with 2016. Chinese imports of mostly special high grade metal were 123,000 mt in November which brought the year to date figure to 575,500 mt.

Global refined production rose 0.5% and consumption picked up 2.7% from levels a year earlier. Japanese demand was, at 489,000 mt, 13.6% above the total from January to November 2016.

World demand was 342,000 mt higher from January to November 2017 than for January to November 2016. Chinese demand was 6.17 million mt, nearly 47% of the global total. In November 2017, slab zinc production was 1.24 million mt and consumption was 1.2 million mt. 

Nickel

Nickel saw a deficit from January to November 2017 with demand exceeding production by 63,600 mt. In 2016, the deficit was 68,200 mt. Reported stocks held in the LME at the end of November 2017 were 8,000 mt higher than at the end of the previous year with most of the increases recorded in Asia. Refined production from January to November 2017 totalled 1.67 million mt and demand was 1.74 million mt.

Mine production from January to November was 1.73 million mt, 116,000 mt above the comparable 2016 total. Chinese smelter/refinery output dipped 400 mt compared with 2016 and demand was 122,000 mt lower than in the previous year due to reduced imports of nickel from Russia.

World demand was 32,000 mt lower than the previous year. In November 2017, nickel smelter/refinery production was 168,900 mt and consumption was 184,900 mt. 

Tin

Tin saw a shortfall of 9,100 mt from January to November 2017. Total reported stocks fell by 1,200 mt in November and ended the period 5,200 mt higher than December 2016. 

Global production of refined metal was up 19,000 mt, compared with January to November 2016. Production in Asia was 20,300 mt higher than the January to November 2016 total. Apparent demand in China was 6.8% lower than the equivalent period of the previous year.

Global tin demand during January to November 2017 was 343,700 mt which was 1.8% below the comparable period of 2016. Japanese consumption was 26,600 mt which was 9.2% higher than the comparable period of 2016.

In November 2017, refined production was 29,800 mt and consumption was 31,000 mt.

 


The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.

Key Words:  WBMS   supply and demand   balances