A report released by the World Bureau of Metal Statistics (WBMS) on Wednesday showed that the global nickel market output exceeded the apparent demand by 14.44 million tons from January to April 2020. In 2019, the supply shortage was 17,900 tons.
At the end of April 2020, the reported inventory held by LME was 77,400 tons higher than the level at the end of 2019.
From January to April 2020, refined nickel production totaled 711,000 tons, and demand was 697,000 tons.
From January to April 2020, mine nickel output was 688,700 tons, which was 74,000 tons lower than the same period in 2019. China's smelting/refining output fell by 30,000 tons compared with the same period in 2019, and the apparent demand was 324,400 tons, down by 15,000 tons year-on-year.
From January to April, global apparent demand fell by 31,400 tons year-on-year.
Unreported inventory changes are not considered in consumption statistics. Demand is measured on the basis of apparent benchmarks, and the full impact of the national blockade imposed to curb the new coronary pneumonia epidemic may not yet be fully reflected in trade statistics.
In April 2020, the global nickel smelting/refining output was 168,400 tons and the demand was 173,400 tons.
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