China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
The global nickel market had a surplus of 13,400 metric tons in January, down from a surplus of 23,100 metric tons a year earlier, data from the International Nickel Study Group (INSG) showed on Thursday.
It was also down sharply from a surplus of 28,900 metric tons in December 2023.
In 2023, the nickel market surplus widened to 238,800 metric tons from 103,900 metric tons in 2022, the data showed.
Data below in thousands of metric tons:
| Jan 2024 | Jan 2023 | Dec 2023 | FY 2023 | FY 2022 | |
| Mine production | 289.9 | 263.2 | 313.8 | 3,675.7 | 3,208.2 |
| Refined production | 282.2 | 256.4 | 294.5 | 3,344.7 | 3,058.7 |
| Refined usage | 268.9 | 233.4 | 265.6 | 3,105.9 | 2,954.8 |
| Balance | 13.4 | 23.1 | 28.9 | 238.8 | 103.9 |
(By Anjana Anil; Editing by David Gregorio)
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