Off The Wire
Global nickel market deficit widens in July-INSG
Global demand for refined nickel during the month stood at 182,500 tonnes, outstripping production of 177,800 tonnes, the data showed, led by a nearly 10 percent jump in refined demand from China.
The deficit of 4,700 tonnes was well above June's 400 tonne shortfall. For the first seven months of the year, the global deficit for refined nickel widened to 39,700 tonnes from 36,800 tonnes in the first half, but was still smaller than the 43,100-tonne gap seen for the same period of 2016.
In July, global consumption of nickel expanded at a healthy 7.3 percent clip from June while refined supply grew at a slower rate of 4.3 pct. Mine supply surged by 7.7 percent, suggesting a boost to refined supply in the months ahead.
Mine supply was bolstered by the Philippines, the world's top miner, where output grew to 43,800 tonnes from 33,700 tonnes, accounting for the lion's share of growth in Asia.
China's demand in July surged by 9.4 percent to 99,200 tonnes, the INSG showed.
'000 tonnes July June Jan-July 2017 Jan-July 2016 Mine production 196.3 182.2 1197.9 1148.3 Refined production 177.8 170.5 1171.1 1122.3 Refined usage 182.5 170.1 1210.8 1165.4 Balance -4.7 -0.4 -39.7 -43.1 (Reporting by Melanie Burton; Editing by Richard Pullin)
