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Nickel market will be in deficit in H2 2014 – Macquarie

April 10, 2014 - 16:33 GMT Location: London

KEYWORDS: nickel prices , Indonesian ore ban , Macquarie , stainless steel

The nickel market will be in deficit in the second half of 2014 with no end to the deficit in sight, analysts at Macquarie said, revising their initial prediction that the market would remain in a surplus this year.

The nickel market will then see "enormous deficits" in 2015-18 on the Indonesian ore export ban, the analysts said in a note. Indonesia enforced a ban on unprocessed raw materials exports on January 12, causing higher prices for nickel ore, rising costs for nickel pig iron (NPI) and higher prices and premiums for refined nickel. "Since the announcement [of the Indonesian ore export ban] LME nickel prices have rallied strongly," the analysts said, adding that the spike had started earlier than they had expected. "The rise in LME...

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