Upon tabulation of the global NR stocks reported by LMC in its monthly Bulletins, IRCo noticed that there are inconsistencies of data particularly in the April, May, June and August 2014 Bulletins when there were huge upward (May) and downward (August) revisions of NR global stocks as at end 2013.
For example, the global NR stocks as at end 2013, was revised upward with a huge increase of 0.663 million tonne from 2.292 million tonnes in the April Bulletin to 2.955 million tonnes in May Bulletin.
However in its August Bulletin, LMC had revised the global NR stocks downward from 3.017 million tonnes in July Bulletin to 2.385 million tonnes in August.
IRCo views that the huge upward revision of global NR stocks as reported in May, June and July Bulletins shows inconsistency and had caused confusion to the market.
IRCo estimates that the total global NR stocks as at end 2013 was approximately 2.3 million tonnes
Source: IRCo
