ELBM - Nickel Miners News For The Month Of July 2024
2024-07-31 10:11:24 ET
Summary
- Nickel spot prices were lower the last month.
- Nickel market news — BASF to cancel $2.6 billion nickel-cobalt refining project in Indonesia. Fastmarkets — The nickel market has taken a big step towards re-balancing.
- Nickel company news — BHP announces to temporarily suspend Western Australia Nickel operations. Australia's IGO flags job cuts as the nickel price slumps.
- Queensland Pacific Metals awarded an $8m Australian Federal Government grant and an $8m Queensland government grant. Canada Nickel initial Deloro Project Indicated Resource of 81mt grading 0.25% nickel and Inferred Resource of 357mt grading 0.25% nickel.
- Centaurus Metals Jaguar Nickel Sulphide Project FS results in a post tax NPV8% of A$997m and IRR of 31% pa.
Welcome to the nickel miners news for July.
The past month saw nickel prices lower.
Nickel price news
As of July 30, the nickel spot price was USD 7.05/lb , down from USD 7.67/lb last month. LME shows the price at USD 15,575/tonne . Nickel inventory at the London Metals Exchange [LME] was higher the past month at 104,388 tonnes (93,864 tonnes last month).
Nickel spot price 5 year chart - Current price = USD 7.05/lb
Nickel demand v supply chart
INSG forecasts a third consecutive year of nickel oversupply in 2024 ( source )
S&P Global Market Intelligence forecast nickel oversupply to 2027, then a 'primary' nickel deficit starting in 2028 (as of June 2024) ( source ) ...
Nickel Miners News For The Month Of July 2024