"Demon Nickel" soared 60% during the year

"Demon Nickel" soared 60% during the year

Indonesia’s export ban on nickel ore is having an impact on the global nickel market. Nickel prices climbed to the highest level since 2012, prompting companies such as Avebury Nickel Mines Ltd to restart previously idle capacity.

Perbury-based Avebury plans to restart the nickel mine in Tasmania. The nickel mine has been idle for 6 years.

Nickel is used to make stainless steel. In January this year, Indonesia banned the export of nickel ore, hoping to develop the domestic nickel processing industry. Affected by this, nickel prices rose by 56% this year to 21,625 US dollars per metric ton.

Although companies such as Avebury restart operations, they still cannot meet demand. This year, market supply is likely to fall into the deficit. Goldman Sachs and Faba expect nickel prices to continue to rise.

According to Morgan Stanley’s projections, nickel demand will exceed supply of 97,100 tons in 2015, and it is expected that the shortage will continue until 2017. Goldman Sachs estimates that the nickel supply gap will reach 200,000 tons next year. Goldman Sachs raised its nickel price for 2015 by 29% to 22,000 U.S. dollars per tonne.

Stephen Briggs, Metals Analyst, Fabba London:

Australia is clearly the leader in restarting nickel mines. Nickel is one of my first choices.

He said that it is not impossible for nickel prices to reach $25,000 per metric ton.

The London Metal Exchange (LME) monitoring data shows that nickel inventories have increased by 21% so far this year to 317,874 metric tons. According to China Customs data, China’s refined nickel exports in June increased nearly twice as much as 16,737 tons. For the first time ever, exports exceeded imports for the first time, exceeding the 5,723 tons.

According to Nicholas Snowdon, an analyst at Standard Chartered Bank in London, the recent increase in nickel inventories may be due to an increase in China's exports of refined nickel, most likely related to restrictions. Before the world’s largest nickel producer and consumer country – China’s scandal broke out (Qingdao Port ** fraud).

Of the six major metals on the London Metal Exchange, nickel stocks have grown the most this year, an increase of 56%.

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