BHP Sees Imminent Turning Point in Nickel With Deficit Looming
- Executive sees further recovery in nickel prices going forward
- Prices have rallied more than a third from low in February
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BHP Billiton Ltd., the world’s largest mining company, sees the nickel market swinging into deficit because of supply threats in the Philippines and growing demand from electric vehicles and stainless steel.
“There are signs that this year could be finally the turning point for nickel with many expecting the market to be in deficit and so starting the much needed re-balancing process,” Eduard Haegel, asset president of BHP’s Nickel West unit, said at a conference in Perth Thursday. “The welcome return to balance over the next few years should see further recovery in nickel prices.”