Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
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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