Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The global demand for aluminum fell in the first 11 months of 2019, whereas it increased for nickel during the same period according to the latest World Bureau of Metals Statistics (WBMS) data.


The calculated market balance for primary aluminum indicated a surplus of 445,000mt in the first 11 months of 2019 compared to 116,000mt for the whole year of 2018. However, demand for the metal decreased by 707,000mt to 57.22mn mt between January and November 2019, compared to the same 2018 period.


Global aluminum production also dropped by 210,000mt in the first 11 months of 2019, compared to 2018, with 56pc of the production share coming from China. The Asian country produced 32.1mn mt from January to Nov 2019, with demand increasing by 0.1pc during the same period compared to 2018. 


Chinese exports of unwrought aluminum dropped to 321,000mt from January to November 2019 compared to 341,000mt in 2018. However, the semi manufacturer’s aluminum exports increased to 4.3mn mt in 2019 compared to 4.2mn mt in the first 11 months of 2018. 


Looking at the European Union, aluminum production rose by 0.6pc in the first 11 months of 2019 compared to 2018. The demand however was lower by 372,000mt from January to Nov 2019 compared to that of 2018. 


The nickel market, according to WBMS data, was in deficit for the first 11 months of 2019 with higher demand at 388,000mt not matching ongoing production. The global nickel mine production was recorded at 2.3mn mt through November 2019, an increase of 141,000mt over 2018. 


Global nickel mine demand increased to 1.1mn mt almost 190,000mt higher than January to November 2018. Global nickel demand also rose by around 69,000 mt in the first 11 months of 2019 compared to 2018.

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