Nickel Market Report July 2016

Content
Abstract 1
1 Company news 1
1.1 Baotong Nickel resumes ferronickel production in early August 1
1.2 Brunp Recycling expects to complete upgrading precursor production line in September 1
2. Domestic market review 1
2.1. Nickel cathode prices fluctuate upwards 1
2.2 Ferronickel prices move up accordingly 2
2.3 Nickel sulfate prices see disparity 3
2.4 Lateritic nickel ore prices lack upward momentum at ports 3
3 International market review 4
3.1 LME nickel prices move up further 4
3.2 Price for Philippine lateritic nickel ore increases 4
4 Production and stocks data 5
4.1 China’s nickel cathodes output down by 15.5% YOY in July 5
4.2 China’s ferronickel output down by 19% MOM in July 5
4.3 China's nickel sulfate output up by 30.9% YOY in July 6
4.4 China's lateritic nickel ore stocks up by 3% MOM in late July 7
5 Import data analysis 7
5.1 China’s refined nickel imports down by 4.2% MOM in June 7
5.2 China’s ferronickel imports down by 11% MOM in June 9
5.3 China imports on lateritic nickel ore down 18.5% YOY in June 10
5.4 China’s imports for intermediate products of hydrometallurgical nickel down by 55.4% MOM in June 11
6 Market outlook 12
6.1 Nickel cathodes 12
6.2 Ferronickel 12
6.3 Nickel salt 12
6.4 Lateritic nickel ore 13

Graph content
Graph 1 Jinchuan nickel cathode price in the spot market from June to July 1
Graph 2 Norilsk nickel cathode prices in the Chinese spot market from June to July 2
Graph 3 Inco nickel prices in the Chinese spot market from June to July 2
Graph 4 Chinese ferronickel 10%min prices from June to July 2
Graph 5 Chinese ferronickel 1.5% prices from June to July 2
Graph 6 Chinese nickel sulfate 21%min prices from June to July 3
Graph 7 Chinese nickel sulfate 22%min prices from June to July 3
Graph 8 Chinese lateritic nickel ore 1.8% prices in ports from June to July 3
Graph 9 Chinese lateritic nickel ore 1.5% prices in ports from June to July 4
Graph 10 LME nickel cash settlements from June to July 4
Graph 11 LME nickel stocks from June to July 4
Graph 12 Prices for Philippine lateritic nickel ore 1.5% on CIF China basis from June to July 4
Graph 13 Prices for Philippine lateritic nickel ore 1.8% on CIF China basis from June to July 5
Graph 14 China’s nickel cathode output from Jan. 2015 – Jul. 2016 5
Graph 15China ferronickel output by month from Jan. 2015 – Jul. 2016 5
Graph 16 China ferronickel output by province and month from Jan. 2015 – Jul. 2016 6
Graph 17 Monthly output for Chinese nickel sulfate from Jan. 2015 – Jul. 2016 6
Graph 18 China's stocks for lateritic nickel ore by month from Jan. 2015 – Jul. 2016 7
Graph 19Stocks for lateritic nickel ore in China by category from Jan. 2015 – Jul. 2016 7
Graph 20 Chinese lateritic nickel ore producers' destocking time by month from Jan. 2015 – Jul. 2016 7
Graph 21 Monthly imports for refined nickel in China from Jan. 2015 – Jun. 2016 8
Graph 22 Monthly imports of refined nickel in China by source country from Jan. 2015 – Jun. 2016 8
Graph 23 China’s ferronickel imports by month from Jan. 2015 – Jun. 2016 9
Graph 24 China’s ferronickel imports from different countries by month from Jan. 2015 – Jun. 2016 9
Graph 25 China imports on lateritic nickel ore by month from Jan. 2015 – Jun. 2016 10
Graph 26 China imports on Philippine lateritic nickel ore by month from Jan. 2015 – Jun. 2016 10
Graph 27 China’s imports for intermediate products of hydrometallurgical nickel by month from Jan. 2015 – Jun. 2016 11
Graph 28 China’s imports for intermediate products of hydrometallurgical nickel by country from Jan. 2015 – Jun. 2016 12

Table Content
Table 1 Imports for refined nickel during June in China 8
Table 2 Top ten refined nickel importers in June 2016 9
Table 3 China’s ferronickel imports in June 9
Table 4 Top ten ferronickel importers in June 2016 10
Table 5 China’s ferronickel imports in June 2016 11
Table 6 Top ten Chinese lateritic nickel ore importers in June 2016 11
Table 7 Top five Chinese nickel intermediate product importers in June 12

.Asian Metal Copyright 2016 11 Graph 28 China’s imports for intermediate products of hydrometallurgical nickel by country from JanAsian Metal Copyright