Canada’s TVI Pacific Wants to Build Philippines’ Third Nickel Plant

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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.

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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.

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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.

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