Oversupply of Nickel Orc across the World in 2020
According to the latest report published by World Bureau of Metal Statistics(WBMS), the oversupply of nickel ore in the global market has reached 63.7 thousand tons. However, in 2019, the nickel market was in shortage, reaching 27.6 thousand tons.
According to the report from London Metal Exchange, the nickel stock is 85.7 thousand tons more at the end of October compared with the end of December of 2019.
And from January to October of 2020, the total smelt nickel across the whole world reaches 1.95 million tons, and its demand reaches 1.89 million tons. During this period, the nickel production from mining is about 1.89 million tons, which was 238 thousand tons lower compared with the same period in 2019. In China, the refinery of nickel reduced 98 thousand tons compared with the one in 2019. And its demand in the year of 2020 appeared to be 1.06 million tons, which was 16 thousand tons than the year of 2019.
Globally speaking, the demand in the year of 2020 appeared to be 126 thousand tons lower than the one in 2019. And in October, the smelt nickel is about 225.2 thousand tons, but its demand is about 210 thousand tons.
According to the statistics given by International Nickel Study Group, the surplus of nickel ore supply in global market is about 2.8 thousand tons, and it was 3 thousand tons in September.
Nickel is a hard, and magnetic metal with ductility. It can improve the glossiness and resistant to corrosion for products. Nickel is very similar to iron. And the core of earth mainly consists of iron and nickel. In the earth core, the nickel in femic rock is higher than in aluminum-silicon rock, like the nickel in peridotite is 1000 times than the one in granite, and the nickel in gabbro is 80 times higher than the one in granite.
Now, the nickel is used for: 1. Electroplating industry, the products in nickel is beautiful, clean and not easy to get rust; 2. Alloy purpose, like stainless steel. It can improve the solidity of the machine; 3. Nickel is magnetic, and it can be used to manufacture magnet crane; 4. There are salt in the nickel, and it can be used for Fe-Ni alkaline cell after oxidation.