Sumitomo Metals: nickel oversupply will expand than expected in 2019

SMM News: Masanori Ohyama, general manager of nickel sales at Sumitomo Metals Mining Co., Ltd., Japan's largest nickel producer, said on Friday that due to the increase in stainless steel production in China, the nickel market will face a supply glut of 51000 tons in 2019, compared with a previous estimate of 35000 tons.

Ohyama also said it expected China's stainless steel production to rise from 50.5 million tons to 51.8 million tons this year, global nickel production to 2.32 million tons this year from 2.16 million tons in 2018, and consumption from 2.27 million tons to 2.37 million tons.