Jim Lennon, a commodities analyst at Macquarie, comments on Australia’s proposed 40 percent mining tax and steelmakers’ options to cope with rising iron ore prices. He spoke in an interview during a Metal Bulletin iron ore conference in Prague yesterday.
Nickel’s price floor probably isn’t $20,000 a metric ton because nickel pig iron producers in China are lowering their costs, Jim Lennon, global head of commodities research at Macquarie Bank Group Ltd. said. The following comments were from a phone interview on June 6.
The global nickel market may swing into a deficit next year as Indonesia’s ore export ban will constrain production of nickel pig iron, a lower-grade alternative to refined metal, said Macquarie Group Ltd.