News and announcements

< go back

WMS Press Release September 2017
20/09/2017

January to July 2017 METALS BALANCES


Primary aluminium market in deficit in January to July 2017

The calculated market balance for primary aluminium for January to July 2017 was a deficit of 1381 kt which follows a deficit of 751 kt recorded for the whole of 2016. Demand for primary aluminium for January to July 2017 was 35.93 million tonnes 2222 kt more than the first seven months of 2016. Production in January to July 2017 rose by 1504 kt compared with 2016. Producer stock data is no longer published and total reported stocks fell by 27 kt during July and at the end of the month were 2273 kt which equated to 14 days demand and compares with 2761 kt at the end of 2016. Total stocks held in the four exchanges in London, Shanghai, USA and Tokyo were 1840 kt at the end of July 2017 which was 487 kt below the December 2016 total. No allowance is made in the consumption calculation for large unreported stock changes especially those held in Asia.

Overall, global production rose in January to July 2017 by 4.6 per cent compared with the first seven months of 2016. Chinese output was estimated at 19531 kt and this currently accounts for over 56 per cent of the world production total. Chinese apparent demand was 8.8 per cent higher than 2016. Chinese net exports were 211 kt in January to July and net exports of unwrought aluminium for the whole of 2016 were 255 kt. Net exports of aluminium semi manufactures from China rose from 2155 kt in January to July 2016 to 2312 kt in the first seven months of 2017.

Production in the EU28 increased by 0.1 per cent and NAFTA output fell by 2.9 per cent. EU28 demand was 162 kt higher than the comparable 2016 total. Global demand rose by 7 per cent during January to July compared with the levels recorded one year previously.

In July 2017, primary aluminium production was 4845.9 kt and consumption was 5154.6 kt.

Copper market records deficit in January to July 2017

The copper market recorded a deficit of 191 kt in January to July 2017 which follows a deficit of 101 kt in the whole of 2016. Reported stocks rose during July and closed 93 kt higher than at the end of December 2016. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.

World mine production in January to July 2017 was 11.9 million tonnes which was 0.1 per cent higher than in the same period in 2016. Global refined production for January to July 2017 was 13.6 million tonnes up 1.2 per cent compared with the previous year with a significant increase recorded in China (up 348 kt) and a reduction in Chile (down 168 kt).

Global consumption for January to July 2017 was 13.79 million tonnes compared with 13.77 million tonnes for the same months of 2016. Chinese apparent consumption in January to July 2017 fell by 76 kt to 6737 kt compared to the same months of 2016 and represented just under 49 per cent of global demand. EU28 production rose by 8 per cent and demand was 2049 kt, 0.5 per cent below the January to July 2016 total.

In July 2017, refined copper production was 1959.6 kt and consumption was 2044.5 kt.

Lead market records deficit in January to July 2017

The lead market was in deficit by 289 kt in January to July 2017 which follows a deficit of 147 kt recorded in the whole of 2016. Total stocks at the end of July were 31 kt lower than at the end of 2016. No allowance is made in the consumption calculation for unreported stock changes.

World refined production during January to July 2017 from both primary and secondary sources was 6798 kt which was 9.9 per cent higher than in the comparable months of 2016. Global demand was 816 kt higher. Apparent consumption in China totalled 2996 kt of lead in January to July 2017 which was 563 kt above the comparable period in 2016 and represented over 42 per cent of the global total. For the USA, apparent demand has increased by 216 kt for January to July 2017 compared to the first seven months of 2016.

In July 2017, refined lead production was 970.5 kt and consumption was 1034.6 kt.




Zinc market records deficit in January to July 2017

The zinc market was in deficit by 347 kt during January to July 2017 which compares with a deficit of 202 kt recorded in the whole of the previous year. Reported stocks fell by 15 kt during July. LME stocks fell by 25 kt in July and ended the month 163 kt lower than at the end of 2016. LME stocks represent 34 per cent of the global total. Chinese demand fell by 0.4 per cent compared with the previous year. Production of locally refined metal in China fell by 1.9 per cent compared with 2016. Chinese imports of mostly special high grade metal were 68 kt in July which brought the year to date figure to 249 kt, 60 kt lower than in January to July 2016.

Global refined production rose by 0.6 per cent and consumption was 2.3 per cent higher than the levels recorded one year earlier. Japanese demand was, at 302 kt, 11.7 per cent above the equivalent total for January to July 2016.

World demand was 182 kt higher than for January to July 2016. Chinese apparent demand was 3774 kt which is just over 46 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.

In July 2017 slab zinc production was 1090.2 kt and consumption 1129.6 kt.

Nickel market records deficit in January to July 2017

The Nickel market was in deficit during January to July 2017 with apparent demand exceeding production by 35.9 kt. In the whole of 2016 the calculated deficit was 68 kt. Reported stocks held in the LME at the end of July 2017 were 0.9 kt higher than at the end of the previous year. Refined production in January to July 2017 totalled 983.7 kt and demand was 1019.6 kt.

Mine production during January to July was 1068.4 kt, 14 kt below the comparable 2016 total. Chinese smelter/refinery output decreased by 27 kt compared with 2016 and apparent demand was 152 kt lower than in the previous year due to reduced imports of Nickel metal from Russia.

World apparent demand was 112 kt lower than the previous year. No allowance is made in the consumption calculation for unreported stock changes

In July 2017, nickel smelter/refinery production was 158.6 kt and consumption was 153.2 kt.


Tin market records deficit in January to July 2017

The tin market recorded a deficit of 7.5 kt during January to July 2017 and there were no DLA deliveries during the period. Total reported stocks rose by 3.6 kt during July and ended the period 5.4 kt higher than December 2016.

Global reported production of refined metal was up by 15.7 kt, compared with January to July 2016 total. Production in Asia was 17.5 kt higher than the January to July 2016 total. Apparent demand in China was 0.2 per cent lower than the equivalent period of the previous year.

Global tin demand during January to July 2017 was 222.6 kt which was 0.8 per cent above the comparable period of 2016. Japanese consumption was 17.2 kt which was 13.9 per cent higher than the comparable total for 2016.

In July 2017, refined production was 29.8 kt and consumption was 28.9 kt


Dated 20th September 2017


- ENDS-






The above data are taken from World Metal Statistics September 2017 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 461274




Disclaimer

Whilst 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 Use

All 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. By outsourcing their research to WBMS, whether via regular publications or surveys tailored to their needs, organisations not only enjoy the benefit of reliable, first class data but also save significantly on cost and time. Through regular publications, available on subscription in print and electronic format, WBMS are able to keep companies and organisations throughout the world up to date on the production, consumption and trade in the major non-ferrous metals.

Launched in 1947, WBMS concentrated initially on the metals trade within the then British Empire. With the contraction of Empire, the organisation switched focus to the world stage and began collecting and collating data from a huge number of global sources. More than half a century later, its massive and regularly updated database forms the basis of printed and electronic publications aimed at the many and varied users of metal statistics. In particular, its monthly World Metal Statistics Bulletin represents the most comprehensive data available anywhere.

World Bureau of Metal Statistics
31 Star Street
Ware
Herts
SG12 7AA
United Kingdom

Tel: +44 (0) 1920 461274
Fax: +44 (0) 1920 464258