24
Jun
02:35
Macquarie sees fundamental cost floor for nickel
The marginal cost of making class 1 nickel is in the $16,000-18,000/tonne range from nickel pig iron (NPI) units converted to matte and then to metal. Over time, this is a fundamental floor in Macquarie's view, Kallanish notes.
The research house says in a note that prices could still struggle to rise sustainably above $20,000-21,000/t over the next five years if supply additions to Indonesian capacity come on stream anywhere near the levels planned.
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