Major non-ferrous metals in short supply globally during Jan-Sept’22: WBMS report

The World Bureau of Metal Statistics (WBMS) has recently released the metal balances report for all the major base metals. The report showed that the balances of primary aluminium, copper, lead and tin were in deficit during the first nine months of 2022 (January-September).

Aluminium shortfall

The supply and demand of aluminium recorded a shortfall of 822,000 tonnes (t), a deficit of 1.6 mnt from last year. Demand for aluminium in January-September was 51.84 million tonnes (mnt), a decrease of 30,000 t against the same period last year. National lockdowns may have distorted the trade balance.

Meanwhile, global production growth during the period was 332,000 t compared with 2021. Chinese output was at 2.98 mnt, an increase of 2.5% year-on-year with the country recording higher availability of imported stocks during the initial months of 2022. Chinese metal production accounts for about 59% of world production.

Copper remains in deficit

The copper market recorded a deficit of 736,000 t in the first nine months, which follows a deficit of 285,000 t against 2021. Global demand in January-September was 19.25 mnt which was 4.1% higher than the total recorded in the same period last year. Chinese demand during the period was 10.71 mnt, 5.5% higher than the year-ago period.

Output of semi manufactures in China rose by 4.5%. The US reported refined copper production at 733,200 t, which was 6,800 t higher than the same period of 2021.

Lead shortage

The lead market recorded a shortfall of 167,000 t in January-September, which follows a deficit of 90,100 t recorded in 2021. Total stocks at the end of September stood at 43,900 t lower than at the end of 2021.

Global refined lead production during the period under review from both the primary and secondary sources was 10.86 mnt which was 2.8% higher y-o-y. Chinese demand was estimated at 5.47 mnt which was 161,200 t higher the same period of 2021 and accounted for 50% of global demand.

The US reported an increase in demand by 5,000 t during the period compared to the same period of 2021.