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Global supply/demand balance: surplus emerges after
sustained period of inventory reductions
Monthly nickel supply/demand 2020 2019 Y-o-Y
Jan 2016-July 2020
Use by area Jan-Jul Jan-Jul % Change
210 50
Western Europe 142.9 175.0 -18.3%
Usage and production: 3MMA '000t ni 190 30 Balance: '000t Ni Former Soviet Union 736.5 750.0 -10.8%
40
5.8
Eastern Europe
-17.4%
7.1
200
11.6
12.3
-5.7%
China
-1.8%
20
-4.5%
94.0
98.5
Japan
180
210.7
Other Asia
236.4
10
63.2
77.8
170
-28.8%
32.0
Rest of world
22.8
Total world use
-7.3%
160 0 USA 1287.5 1388.9 -18.8%
-10
Total world production 1378.7 1353.5 1.9%
150 -20 Implied balance 91.2 -35.4
2016 2017 2018 2019 2020
Balance Production Consumption (use)
Source: INSG, Macquarie Commodities Strategy, October 2020
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