Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today! LME nickel prices increased again in the second half of December after finding support just above the $13,000/mt price level: The return of some limited momentum coincided with the announcement that Indonesia will double the royalty tax on nickel exports this year, with a new rate of 10%, as we noted in the January 2020 MetalMiner Monthly Outlook report. Additionally, the market will remain in deficit during 2020, albeit somewhat narrowed, according to forward projections from the International Nickel Study Group (INSG). This will also help support prices, especially as the INSG sees demand levels for the metal continuing to increase in 2020. The ICSG estimates total global usage of 2.52 million tons, compared to 2.45 million tons during 2019, according to projections released in October 2019. In addition to mild price support from Indonesia’s export royalty increase, Chinese stainless steel producers continued to stockpile the metal, according to press reports. According to the International Stainless Steel Forum (ISSF), global stainless steel melt shop pr...