Nickel Market Report January 2014

Abstract 4
1 Financial overview 4
1.1 Domestic financial review 4
1.1.Asian Metal Copyright1 Yinyi Science and Technic Mine Metallurgy plans to increase nickel cathodes production capacity to 20,000t in 2014.Asian Metal Copyright1 CPI up by 2.Asian Metal Copyright13% MOM in December 23 6.Asian Metal Copyright5% YOY and PPI down by 1.4% YOY in December 4
1.1.2 PMI records new low in January 5
1.2 International financial review 5
1.2.1 Chinese economic data and crude oil future price down 5
1.2.2 US dollar index keeps consolidating 6
2 Chinese domestic market review 7
2.1 Lateritic nickel ore market increases 7
2.2 Nickel cathodes market keeps hovering 7
2.3 Ferronickel market rebounds further 10
2.4 Nickel sulfate market increases slightly 12
3 International market review 13
3.1 LME nickel market rebounds greatly 13
4 Production data 14
4.1 Chinese nickel cathodes output down by 23.85% MOM in January 14
4.2 Chinese ferronickel production up by 20.75% MOM in January 15
5 Lateritic nickel ore stocks in Chinese main ports in January 16
6 Import & Export data analysis 17
6.1 Chinese nickel ore import down by 17.43% MOM in December 17
6.2 Chinese refined nickel import up by 45.13% MOM in December 23
6.3 Top10 unrolled non-alloy nickel enterprises in China in December 23
7 Company news 30
7.1 Yinyi Science and Technic Mine Metallurgy plans to increase nickel cathodes production capacity to 20,000t in 2014. 30
7.2 Jinchuan Group produced around 141,000t of nickel cathodes in 2013 30
7.3 Antam anticipates Indonesian nickel ore export volume may decrease 87% in 2014. 30
7.4 Changsheng Nickel-Chromium Materials halted production on January 7 30
7.5 Sumitomo Metal Mining Managemeut to produce 65,000 tons of nickel cathodes and 22,000 metal tons of ferronickel in 2014 30
8 Related industry developments 30
8.1 Stainless steel scrap 30
8.2 300 series stainless steel 31
9 Outlook for February 31
9.1 Lateritic nickel ore 31
9.2 Nickel cathodes 31
9.3 Ferronickel 31
9.4 Nickel salt 32

Picture
Picture 1 China’s CPI and PPI in 2011-2014 4
Picture 2 China’s manufacturing PMI in 2012-2014 5
Picture 3 Dominant force future prices of crude oil in US in January 6
Picture 4 US dollar index 6
Picture 5 Chinese lateritic nickel ore 1.8% delivered-at-ports price trend in December: RMB/t 7
Picture 6 Nickel cathodes of Jinchuan brand factory price in January 8
Picture 7 Nickel cathodes of Jinchuan brand price in spot market in January 8
Picture 8 Nickel of Norilsk brand price in Chinese spot market in January 9
Picture 9 Nickel of Inco brand price in Chinese spot market in January 9
Picture 10 The price of ferronickel 10%min in China in January: RMB/mtu 11
Picture 11 The price of ferronickel 4-6%min in China in January: RMB/mtu 11
Picture 12 The price of ferronickel 7-9%min in China in January: RMB/mtu 12
Picture 13 Nickel sulfate ex-factory price of Jinchuan brand movement in December 13
Picture 14 nickel sulfate price movement in December 13
Picture 15 LME nickel cash price chart in January (USD/t) 14

Table
Table 1 ferronickel 10%min purchasing price from some mainly stainless steel plants in January 2014 and February 2014 10
Table 2 Nickel cathodes output in January in China (Unit: ton) 15
Table 3 Ferronickel output in January 16
Table 4 lateritic nickel ore stocks in January 2014 16
Table 5 Top 10 import enterprises of nickel ore sand and nickel concentrate in December in China 17
Table 6 Nickel ore sand and nickel concentrate of Hs Code: 26040000 in December 18
Table 7 Top 10 unwrought non-alloy nickel import enterprises in December in China 23
Table 8 unwrought non-alloy nickel of Hs Code: 75021090 in December 24
Table 9 China top ferronickel import enterprises review in December 27
Table 10 Import statistics of ferronickel from different nations in December 27

.Asian Metal Copyright1 Lateritic nickel ore 31 9Asian Metal Copyright