News reports suggest Indonesia is moving ahead with new regulations and bringing forward an export ban for nickel with grade less than 1.7%.
Morgan Stanley estimates around 218,000t of Indonesian nickel-in-ore, or 9% of global mined supply, is exposed to the ban. If this nickel ore is left stranded the market would move into substantial deficit.
Equal-weight. Industry view is: Attractive. Target is raised to $6.00 from $4.60.
Target price is $6.00.Current Price is $6.00. Difference: $0.00 – (brackets indicate current price is over target). If IGO meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).