Indonesian Ore Ban Led to 37% Increase in Philippine Nickel Mining Last Year

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Philippine nickel mining production grew 37% in the first nine months of 2014, the island nation’s Mines and Geosciences Bureau said Monday.

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Indonesia’s ban on raw ores was a boon to Philippine miners who filled the gap left behind for Chinese stainless steel manufacturers. MGB director Leo Jasareno told the Manila Standard Today that the value of metallic production in the nine-month period amounted to 102.47 billion Philippine Pesos, up from P74.82 billion recorded in the same period in 2013.

The 3-month price of nickel saw a 0.6% increase on Thursday, February 26, reaching $14,390 per metric ton on the LME and making it the biggest mover for the day. The cash price of primary Indian nickel saw a 0.5% decline to INR 886.50 ($14.32) per kilogram. On the LME, the nickel spot price increased 0.4% to $14,310 per metric ton.

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Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 10,950 ($1,750) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 82,000 ($13,101) per metric ton.

The Allegheny Ludlum 316 stainless surcharge held steady around $0.87 per pound. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,787) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,700 ($2,668) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 13,050 ($2,085) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 9,450 ($1,510) per metric ton for the fifth day in a row.

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