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 was oversupplied by 112,200 tonnes last year after a deficit of 166,600 tonnes in 2021, data from the Lisbon-based International Nickel Study Group (INSG) showed on Tuesday.
The global market recorded a 21,900-tonne surplus in December having been oversupplied by 6,700 tonnes in November, according to INSG data.
Data below in thousands of tonnes.
| Dec-22 | Nov-22 | 2022 | 2021 | |
| Mine production | 273.9 | 274.2 | 3161 | 2707 |
| Refined production | 272.8 | 267.3 | 3023.6 | 2605.9 |
| Refined usage | 251 | 260.6 | 2911.4 | 2772.5 |
| Balance | 21.9 | 6.7 | 112.2 | -166.6 |
(By Peter Hobson; Editing by Tomasz Janowski)
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