News and announcements
Press Release May 2018
January to March 2018 METALS BALANCESPrimary aluminium market in deficit in January to March 2018The calculated market balance for primary aluminium for January to March was a deficit of 141 kt which follows a deficit of 1130 kt recorded for the whole of 2017. Demand for primary aluminium for January to March 2018 was 14.9 million tonnes 343 kt less than in the samequarter months of 2017. Production in January to March 2018 fell by 10 kt compared with the same period in 2017. Producer stock data is no longer published and total reported stocks rose by 272 kt during February and by a further 85 kt in March. The increases included net deliveries into the Malaysian LME warehouses of 258 kt. Total stocks at the end of March 2018 were 2719 kt which compares with 2346 kt at the end of 2017. Total stocks held in the four exchanges in London, Shanghai, USA and Tokyo were 2312 kt at the end of March 2018 which was 373 kt above the December 2017 total. No allowance is made in the consumption calculation for large unreported stock changes especially those held in Asia.Overall, global production fell in January to March 2018 by 0.1 per cent compared with the first quarter of 2017. Chinese output was estimated at 8119 kt and this currently accounts for about 55 per cent of the world production total. Chinese apparent demand was 1.5 per cent lower than in January to March 2017. Chinese net exports were 103 kt in January to March and net exports of unwrought aluminium for the whole of 2017 were 365 kt. Net exports of aluminium semi manufactures from China rose from 858 kt in January to March 2017 to 1043 kt in the first quarter of 2018.Production in the EU28 was 1.4 per cent higher than the previous year and NAFTA output fell by 5.3 per cent. EU28 demand was 22 kt lower than the comparable 2017 total. Global demand fell by 2.3 per cent during January to March 2018 compared with the levels recorded one year previously.In March 2018, primary aluminium production was 5013.4 kt and consumption was 5085.1 kt.Copper market records deficit in January to March 2018The copper market recorded a deficit of 158 kt in January to March 2018 which follows a deficit of 235 kt in the whole of 2017. Reported stocks rose during January and March and closed 302 kt higher than at the end of December 2017. These increases included net deliveries of 124 kt into LME warehouses in Asia and a further 41 kt into Dutch LME warehouses. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.World mine production in January to March 2018 was 4.9 million tonnes which was 3.9 per cent higher than in the same period in 2017. Global refined production for January to March 2018 was 5.8 million tonnes up 3.1 per cent compared with the previous year with a significant increase recorded in China (up 74 kt) and in Chile (up 25 kt).Global consumption for January to March 2018 was 6.0 million tonnes compared with 5.7 million tonnes for the same months of 2017. Chinese apparent consumption in January to March rose by 464 kt to 3136 kt compared to the same months of 2017 and represented just over 52 per cent of global demand. EU28 production fell by 1.2 per cent and demand was 852 kt, 4.3 per cent above the January to March 2017 total.In March 2018, refined copper production was 1962.7 kt and consumption was 2071.1 kt.Lead market records deficit in January to March 2018The lead market was in deficit by 60 kt in January to March 2018 which follows a deficit of 421 kt recorded in the whole of 2017. Total stocks at the end of March were 27 kt lower than at the end of 2017. No allowance is made in the consumption calculation for unreported stock changes.World refined production during January to March 2018 from both primary and secondary sources was 2915 kt which was 3.8 per cent higher than in the comparable months of 2017. Chinese demand was 35 kt above the comparable period in 2017 and represented just under 43 per cent of the global total. For the USA, apparent demand has decreased by 6 kt for January to March 2018 compared to the same months of 2017.In March 2018, refined lead production was 975.9 kt and consumption was 1013.6 kt.Page 2 of 3Zinc market records surplus in January to March 2018The zinc market was in surplus by 176 kt during January to March 2018 which compares with a deficit of 485 kt recorded in the whole of the previous year. Reported stocks rose by 116 kt during January to March mostly in Shanghai. LME stocks fell by 47.5 kt in the first two months of the year but rose in March closing at 213 kt which compares with 181 kt at the end of 2017. LME stocks represent 27 per cent of the global total with the bulk of the metal held in US warehouses. Chinese demand decreased by 2.0 per cent compared with the previous year. Production of locally refined metal in China fell by 4.1 per cent compared with 2017. Chinese imports of mostly special high grade metal were 34.8 kt in March which brought the year to date figure to 139.8 kt, 81.8 kt higher than in January to March 2017.Global refined production fell by 0.3 per cent and consumption was 6.8 per cent lower than the levels recorded one year earlier. Japanese apparent demand was, at 138.1 kt, 10.8 per cent above the equivalent total for January to March 2017. The March figure was higher than usual due to a decline on 9.3 kt in producer stocks at the end of the Japanese fiscal year.World demand was 230 kt lower than for January to March 2017. Chinese apparent demand was 1474.3 kt which is just under 47 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.In March 2018 slab zinc production was 1115.5 kt and consumption 1021.1 kt.Nickel market records deficit in January to March 2018The Nickel market was in deficit during January to March 2018 with apparent demand exceeding production by 32 kt. In the whole of 2017 the calculated deficit was 96.0 kt. Reported stocks held in the LME at the end of March 2018 were 46 kt lower than at the end of the previous year. Refined production in January to March 2018 totalled 422.7 kt and demand was 454.7 kt.Mine production during January to March was 438.8 kt, 43 kt above the comparable 2017 total. Chinese smelter/refinery output increased by 16 kt compared with 2017and apparent demand was 29 kt higher than in the previous year due to reduced imports of ferro nickel from Indonesia.World apparent demand was 32 kt higher than the previous year. No allowance is made in the consumption calculation for unreported stock changesIn March 2018, nickel smelter/refinery production was 148.9 kt and consumption was 156.2 kt.Tin market records deficit in January to March 2018The tin market recorded a deficit of 2.5 kt during January to March 2018 and there were no DLA deliveries during the period. Total reported stocks were 0.7 kt lower than at the end of 2017.Global reported production of refined metal was down by 4 kt, compared with the January to March 2017 total. Production in Asia was 3.7 kt lower than the January to March 2017 total. Apparent demand in China was 17 per cent lower than the equivalent period of the previous year.Global tin demand during January to March was 91.3 kt which was 6.1 per cent below the comparable period of 2017. Japanese consumption was 7.9 kt which was 4.4 per cent higher than the comparable total for January to March 2017.In March 2018 refined production was 31.1 kt and consumption was 31.3 kt Dated 15th May 2018- ENDS-The above data are taken from World Metal Statistics May 2018 published today.Editors requiring more detailed information should contact Sue Eales by email at suee@world-bureau.co.uk or by telephone +44 (0) 1920 461274DisclaimerWhilst every effort is made to ensure the accuracy and validity of the information contained in this release WBMS and its Board of Directors can accept no responsibility for any losses incurred as a direct result of any actions based on conclusions drawn from the data.Terms of UseAll data herein may be copied freely, duplicated and further distributed provided that WBMS is cited as the source.About World Bureau of Metal Statistics:The World Bureau of Metal Statistics is the data resource of first resort for anyone involved with the global metals industry. 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In particular, its monthly World Metal Statistics Bulletin represents the most comprehensive data available anywhere.World Bureau of Metal Statistics 31 Star StreetWare Herts SG12 7AAUnited KingdomTel: +44 (0) 1920 461274Fax: +44 (0) 1920 464258 |