A Philippine miner partly owned by Canada’s TVI Pacific Inc. is looking to build what could be the Southeast Asian country’s 3rd nickel processing plant, a Manila-based spokesman told Reuters.
TVI Resource Development Phils. Inc., which in October began shipping ore to China from its newly developed Agata mine in Surigao province in the southern Philippines, expects a feasibility study on the plant to be completed this month. By building a processing plant, TVI is insulating its ability to ship ore out if the Philippines ever adopts a raw ore ban such as the one Indonesia passed in January.
The Indian nickel cash price saw the biggest decline of the day, dropping 1.8% to close at INR 1,038 ($16.78) per kilogram on Tuesday, December 9. Weakening prices followed two days of improvement as the spot price of nickel dropped 1.6% on the LME to $16,550 per metric ton. The nickel 3-month price declined 1.2% on the LME to $16,670 per metric ton, after two days of improvement.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,773) per metric ton. The price of Chinese ferro-moly remained steady at CNY 90,000 ($14,576) per metric ton.
The price of Chinese primary nickel weakened by 0.3%, settling at CNY 115,800 ($18,754) per metric ton. For the fifth day in a row, the Allegheny Ludlum 316 stainless surcharge remained essentially flat at $0.97 per pound. The price of Chinese 316 stainless coil continues hovering around CNY 23,700 ($3,838) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil held steady at CNY 18,400 ($2,980) per metric ton. Chinese 316 stainless steel scrap stayed flat at around CNY 13,250 ($2,146) per metric ton.