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Nickel market will be in deficit in H2 2014 – Macquarie
April 10, 2014 - 16:33 GMT
Indonesian ore ban
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
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