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Nickel Metals Report Q2 2016

BMI Industry View
Table: Global Nickel Forecasts
Price Forecast
Global - Nickel: Tightening Market To Provide Price Floor in 2016
Table: BMI Nickel Price Forecast
Table: Nickel Forecasts
Global Trends In Supply, Demand & Trade
Global - Nickel: Global Market To Remain In Deficit
Table: Global Nickel Forecasts
Table: Nickel Production Forecasts
Table: Nickel Consumption Forecasts
Mine Supply: Nickel Ore
Industry Trend Analysis
Table: Global Selected New Nickel Mine Projects
Competitive Landscape
Table: Global - Top 10 Nickel Producers By 2014 Output
Table: Selected Nickel Companies By Market Cap
Company Profile
BHP Billiton - Q2 2016
Latest Financial Results
Table: BHP Billiton - Supply Chain Analysis
Table: BHP Billiton - Key Financial Data
Global Company Strategy - Norilsk Nickel
Company Overview
Company Strategy
Table: Norilsk Nickel - Supply Chain Analysis
Table: Norilsk Nickel - Key Financial Data
Vale - Q2 2016
Company Overview
Company Strategy
Latest Results
Table: Vale - Key Financial Data
Company Details
Glencore
Table: Glencore - Key Financial Data
Eramet
Data Appendix
Appendix
Nickel: Production Balance
Table: Global Nickel Forecasts
Production Forecast
Table: Nickel Production Forecasts
Consumption Forecast
Table: Nickel Consumption Forecasts

Nickel Metals Report Q2 2016

BMI View: Nickel prices will bottom in 2016 as weak production drags the global market into deficit. Forinstance, we expect Chinese imports of nickel to grow over the coming quarters. Prices will begin 2016weaker than we had previously expected and we have thus revised down our 2016 average price forecast toUSD9,000/tonne from USD10,500/tonne.

Latest Developments And Structural Trends

Price Forecast

Refined nickel prices will remain under pressure on a three-month horizon, trading in theUSD8,000-9,000/tonne range. While the market will gradually begin to tighten as elevated Chineseimports erode global stockpiles, investor sentiment towards industrial metals will remain cautious asChinese economic data continues to disappoint. By H216, we expect strengthening fundamentals in thenickel market and a more general bounce in metal prices will start to push prices towards USD10,000/tonne.

We have lowered our nickel price forecasts for the coming years due to a more positive view on globalsupply trends, particularly from Indonesia. We now forecast an average of USD9,000/tonne andUSD10,500/tonne in 2016 and 2017, compared to our previous forecasts of USD10,500/tonne andUSD11,500/tonne, respectively.


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