Macquarie’s 44-year veteran nickel watcher Jim Lennon suggests that the nickel turmoil of last year may blow over more quickly than expected due to unexpectedly high Chinese demand and potentially slower Indonesian growth.
The nickel turmoil of last year may blow over more quickly than previously expected, according to Macquarie ’s 44-year veteran nickel watcher Jim Lennon, as unexpectedly high Chinese demand and potentially slower Indonesian growth rebalance the market.
Mr Lennon has just returned from a visit to China that has triggered a “major change” to Macquarie’s forecasts for nickel – a market in which prices nose-dived by almost 50 per cent last year, and which many analysts still expect to beHe and his team discovered that Chinese stainless-steel makers and other users of nickel alloys were boosting their output more than almost anyone had realised, so the debilitating Indonesia-led “Everybody … subscribes to information in China that gives us the data. But it’s only by going there that you start to realise that the official data is not accurate,” he told. “Essentially, demand in China was much stronger than most people had in their numbers.” This unseen level of demand means there is less nickel inventory sitting in Chinese hands than previously assume
Nickel Turmoil Macquarie Chinese Demand Indonesian Growth Market Stainless-Steel Makers Nickel Alloys Output Inventory
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australian nickel: Anthony Albanese plans tax credits to help nickel minersThe Albanese government is fast-tracking a system of production tax credits to try to protect the ailing nickel mining industry.
Read more »
Mining crisis: Nickel miners thrown ‘sovereign’ lifelineFears of a collapse in the nation’s “sovereign capacity” prompted Resources Minister Madeleine King to include the battery metal on the government’s official “critical minerals list”.
Read more »
Australia’s high-cost nickel bustThe truth we are discovering is that neither new nor old world mining do very well when the basic policies are not right.
Read more »
Indonesia election: Prabowo to plough ahead on nickelIndonesia’s protectionist resource policies will cause grief to Australia’s miners under a Prabowo presidency.
Read more »
BHP share price: Forget nickel, BHP’s next big call is a test for AustraliaBHP CEO Mike Henry’s next big call is on how to grow its copper business. He says Australia’s IR, tax and approvals policies could turn it away from Australia.
Read more »
Nickel producers in Western Australia face closures as prices dropFive nickel producers in Western Australia are scaling back operations or going into care and maintenance as the price of nickel drops.
Read more »