World Bureau of Metal Statistics announced that the nickel market was in surplus during January to October 2020 with production exceeding apparent demand by 63.7 kt. In the whole of 2019, the calculated deficit was 27.6 kt. Reported stocks held in the LME at the end of October 2020 were 85.7 kt higher than at the end of the previous year. Refined production in January to October 2020 totalled 1958.6 kt and demand was 1894.9 kt.
Mine production during January to October was 1886.2 kt, 238 kt below the comparable 2019 total. Chinese smelter/refinery output fell by 98 kt compared with 2019 and apparent demand was 1058.1 kt, 16 kt lower than in the previous year.
World apparent demand was 126 kt lower than the previous year. No allowance is made in the consumption calculation for unreported stock changes. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics.
In October 2020, nickel smelter/refinery production was 225.2 kt and demand was 210.0 kt.