Reuters reported that the Philippines has ordered the suspension of operations at two nickel ore mines for environmental violations and halted the issuance of exploration permits as a nationwide crackdown led by a new mining minister begins.
The move could curb nickel ore shipments from the Southeast Asian country, the top supplier to No. 1 market China.
Australia Cuts Iron Ore Forecasts
Australia on signaled it sees the current rally in iron ore prices coming to an end, cutting its price forecasts over the next 18 months to reflect an industry grappling with oversupply and weak demand.
The Department of Industry, Innovation and Science cut its 2016 forecast for the country’s biggest export earner by nearly 2% to an average of $44.20 a metric ton and by 20% to $44 in 2017.