On the contrary, the Chinese apparent demand was up marginally by 5kt than in the previous year.
The world nickel market ended in surplus during the full year 2020, with production exceeding apparent demand by 53.2kt. This is in accordance with the latest trade statistics published by the World Bureau of Metal Statistics (WBMS). It must be noted that the primary nickel market had reported calculated deficit of 27.6kt in the whole of 2019.
The reported stocks of the metal at the London Metal Exchange (LME), as at the end of December 2020 were up by 94.7kt, upon comparison with the closing level of 2019. The refined metal production during 2020 totalled 2,419.1kt, whereas the demand totalled 2,365.9kt. The mine production was down by 321kt over the previous year at 2,273.5kt during the previous year.
The world apparent demand for nickel has dropped by 66kt year-on-year. On the contrary, the Chinese apparent demand was up marginally by 5kt than in the previous year.
The monthly smelter/refinery output of nickel totalled 216.7kt in December 2020. At the same time, consumption totalled 220.3kt.
According to WBMS data, world tin market recorded marginal deficit of 12.2kt during 2020. Meantime, global zinc market recorded surplus of 589kt, as compared with the deficit of 76kt recorded during the entire year 2019. The lead market continued to remain in deficit of 47kt in 2020. It must be noted that the market had reported deficit of 246kt during the whole of 2019.