Wrong according to Macquarie Equities expert Lennon, see below...

Wrong according to Macquarie Equities expert Lennon, see below
NP is going UP, the fake Indo surplus narrative has been debunked,
and Macquarie has historically ramped WSA SIR (now part of IGO).

https://w w w . a f r . c o  m/ c ompanies/mining/why-macquarie-s-nickel-veteran-thinks-the-rout-is-over-20240305-p5f9u7

“Essentially, demand in China was much stronger than most people had in their numbers. This unseen level of demand means there is less nickel inventory sitting in Chinese hands than previously assumed. And that means Chinese steel producers and other manufacturers using alloys will have to come back to the market for more nickel. The discovery has prompted Mr Lennon to cut his forecast nickel surplus for 2024 from more than 100,000 tonnes to less than 40,000 tonnes – “a major change from our recent forecasts”, his team said in a note issued late last week. “That means that, moving forward, the market can correct a lot more quickly. It’s not as if there’s a mountain of inventory that’s got to be worked off before you get back into a balanced market.”

WSA is not a burn but a future Ni production boom waiting for NP to bounce back which it has already.
Nova figures are solid.
And PAN is a certain target as it was before for IGO imho