SMM: the World Bureau of Metals Statistics (WBMS) released a report on Wednesday showing that the global nickel market was in oversupply from January to May 2020, with output exceeding the apparent demand by 33300 tons.
For the whole of 2019, there was a shortage of 29100 tons in the global nickel market.
At the end of May 2020, LME's reported nickel stocks were 80200 tonnes higher than at the end of 2019.
From January to May 2020, the global refined nickel production totaled 890600 tons and the demand was 857300 tons.
From January to May 2020, global mine nickel production was 868900 tons, 115000 tons lower than the same period in 2019. Chinese smelter / refinery production fell by 69000 tons compared with the same period in 2019, with apparent demand of 408400 tons, down 50, 000 tons from the same period last year.
From January to May, the global apparent demand decreased by 92900 tons compared with the same period last year.
Unreported inventory changes are not taken into account in consumption statistics. Demand is measured on an apparent basis, and the full impact of the national blockade imposed to contain the new crown pneumonia epidemic may not be fully reflected in trade statistics.
In May 2020, global smelters / refiners produced 179000 tons of nickel, with a demand of 165800 tons.
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