Nickel May Swing to Deficit for First Time in 4 Years
April 15th, 2010
Filed under: Mineral - Nickel
Jae Hur and Ichiro Suzuki
April 14 (Bloomberg) — The nickel market may swing into a deficit for the first time in four years as the global economy recovers from its worst postwar recession, fueling demand for stainless steel, said Sumitomo Metal Mining Co., the biggest producer in Japan.
World demand will probably exceed supply by 36,000 metric tons in 2010, the first deficit since 2006, Akira Nozaki, general manager at the Tokyo-based company’s nickel sales and raw material division, said today in an interview. The market had a surplus last year of 27,000 tons. Nickel is used to increase the corrosion resistance of stainless steel.
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