Iron ore prices for immediate delivery may fall to below $150 a metric ton in the second half from about $175 now on rising output of the raw material and concern over demand from China, according to Macquarie Group Ltd.
Jim Lennon, the chairman of commodities research at Macquarie Group Ltd., is retiring after 19 years and has been succeeded by Colin Hamilton, according to two people with direct knowledge of the matter.
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.
Declining nickel stockpiles monitored by the London Metal Exchange will rebound as the market for the metal shifts to surplus this year, according to Macquarie Group Ltd., an Australian investment bank.
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.