Nickel need surpassed supply by around 100,000 mt in 2016
Global nickel usage surpassed supply by around 100,000 mt in 2016, Glencore claimed Thursday in its preliminary annual outcomes statement.
" Nickel supply remained to fall in 2016 with additional closures (BCL, Tati, Votorantim, Mirabella), and also lower nickel unit exports (in ore) from the Philippines all driving a loss in projected nickel result to roughly 1.95 million mt of nickel, down 2% versus 2015," the Switzerland-based assets group claimed.
" Overall we estimate primary nickel demand in 2016 of 2.05 million mt," standing for a rise of around 8% versus 2015, the company added.
" As a result the marketplace entered its first material deficiency since 2010 allowing global inventories to fall by around 100,000 tonnes," Glencore stated.
" Whilst stocks continue to be raised, the outlook is for ongoing shortages as well as additional pulls in main nickel stocks as demand stays solid," the firm stated, adding that supply raises associate with Indonesia exporting a lot more nickel systems in nickel pig iron, "with manufacturing elsewhere remaining to flat-line or even drop."
London Metal Exchange nickel supplies presently stand at 381,720 mt, down from 435,396 mt twelve month earlier.
"Regardless of a weak January and also February 2016, international stainless steel manufacturing expanded materially in 2016, led by double-digit demand growth in China. In edta-na2 , we saw a continued change to austenitic grades in Europe, India and also the US which supported nickel demand development," the company claimed.
Glencore estimated worldwide stainless steel manufacturing in 2016 at over 45 million mt, up over 7% from the prior year, consisting of over 24 million mt from China, with global 300S austenitic manufacturing amounting to over 25 million mt-- a 10% boost from 2015.
"Developments in non-stainless remain blended, with unique steel manufacturers reporting difficult conditions mainly due to ongoing oil and also gas weakness, whilst demand from the critical alloys industry as well as battery market stays durable," the company added.
Glencore's advertising and marketing procedures offered 221,000 mt of nickel in 2015, down 4% from 231,000 mt in 2015.
" Nickel supply remained to fall in 2016 with additional closures (BCL, Tati, Votorantim, Mirabella), and also lower nickel unit exports (in ore) from the Philippines all driving a loss in projected nickel result to roughly 1.95 million mt of nickel, down 2% versus 2015," the Switzerland-based assets group claimed.
" Overall we estimate primary nickel demand in 2016 of 2.05 million mt," standing for a rise of around 8% versus 2015, the company added.
" As a result the marketplace entered its first material deficiency since 2010 allowing global inventories to fall by around 100,000 tonnes," Glencore stated.
" Whilst stocks continue to be raised, the outlook is for ongoing shortages as well as additional pulls in main nickel stocks as demand stays solid," the firm stated, adding that supply raises associate with Indonesia exporting a lot more nickel systems in nickel pig iron, "with manufacturing elsewhere remaining to flat-line or even drop."
London Metal Exchange nickel supplies presently stand at 381,720 mt, down from 435,396 mt twelve month earlier.
"Regardless of a weak January and also February 2016, international stainless steel manufacturing expanded materially in 2016, led by double-digit demand growth in China. In edta-na2 , we saw a continued change to austenitic grades in Europe, India and also the US which supported nickel demand development," the company claimed.
Glencore estimated worldwide stainless steel manufacturing in 2016 at over 45 million mt, up over 7% from the prior year, consisting of over 24 million mt from China, with global 300S austenitic manufacturing amounting to over 25 million mt-- a 10% boost from 2015.
"Developments in non-stainless remain blended, with unique steel manufacturers reporting difficult conditions mainly due to ongoing oil and also gas weakness, whilst demand from the critical alloys industry as well as battery market stays durable," the company added.
Glencore's advertising and marketing procedures offered 221,000 mt of nickel in 2015, down 4% from 231,000 mt in 2015.
