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Indonesia banned the export of nickel, China and Japan scrambled Philippine supply!

Date:2014/7/9 14:36:55 Visits:

According to foreign media, the nickel buyers of China and Japan are trying to find supply of raw materials. Because of the concerns of the soaring nickel prices and a shortage of the supply, the demand for refined nickel and long-term nickel contracts both rise.
Reuters said on May 8, the prices of Philippine nickel have been more than doubled since the end of February because the supply of nickel in Indonesia, the competitor, has been interrupted. Indonesia had the world's largest exporter of nickel ore.
It has been reported that China is the world's largest consumer country of nickel. Traders and importers said that China has recently increased imports of refined nickel to meet seasonal demand rises. Since, Indonesia banned the export of nickel mine in mid-January, the replacement of nickel mine—the nickel-bearing pig iron prices have rocketed.
The demand of nickel may be higher due to the Chinese authorities purchasing and storage operations. According to the informed sources, imports of refined nickel are expected to arrive at the warehouses of China's State Reservation Bureau before the end of June.
China is the world's largest steel producer, which has turned to use the laterite nickel ore to produce nickel-bearing pig iron. This cheap, low-grade nickel-iron alloy is used in the production of stainless steel.

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