Nickel Market Report April 2016

Content
Abstract 1
1 Company news 1
1.1 Huadi Group to start ferronickel plant in Indonesia in H2 1
1.2 Chuangjia Power to raise nickel sulfate output to 10,000t in 2016 1
1.3 Henan Kelong to increase output for precursor to 900tpm in Q3 1
2 Chinese domestic market review 1
2.1 Nickel cathode prices hover around high levels after increase 1
2.2 Ferronickel prices pick up rapidly 2
2.3 Nickel sulfate prices decrease 3
2.4 Prices for lateritic nickel ore remain steady 3
3 International market review 4
3.1 Nickel prices on LME continue to rebound 4
3.2 Prices for Philippine-origin lateritic nickel ore move up 4
4 Production and stocks data 5
4.1 China’s nickel sulfate output up by 46.8% YOY in April 5
4.2 Chinese ferronickel output up by 12% MOM in April 6
4.3 Chinese lateritic nickel ore stocks up 5.6% MOM in April 6
5 Import data analysis 7
5.1 Chinese refined nickel and alloy imports up by 46.5% MOM in March 7
5.2 China’s ferronickel imports up by 13.9% MOM in March 9
5.3 China lateritic nickel ore imports up 137.4% MOM during March 10
5.4 China’s imports for intermediate products of hydrometallurgical nickel up by 426.9% YOY in March 11
6 Market outlook 12
6.1 Nickel cathode 12
6.2 Ferronickel 12
6.3 Nickel salts 12
6.4 Lateritic nickel ore 12

Graph content
Graph 1 Prices for Jinchuan nickel on Chinese spot market in Mar.-Apr. 2
Graph 2 Prices for Norilsk brand nickel on Chinese spot market in Mar. – Apr. 2
Graph 3 Prices for Inco brand nickel on Chinese spot market in Mar.-Apr. 2
Graph 4 Prices for ferronickel 10%min delivered to plant in China in Mar.-Apr. 2
Graph 5 Prices for ferronickel 1.5%min ex works in China in Mar.Asian Metal Copyright – Apr.Asian Metal Copyright – Apr. 3
Graph 6 Prices for Chinese battery-grade nickel sulfate in Mar.-Apr. 3
Graph 7 Prices for Chinese plating-grade nickel sulfate in Mar. - Apr. 3
Graph 8 Prices for Chinese lateritic nickel ore 1.8% delivered-at-ports in Mar.Asian Metal Copyright 3 Graph 7 Prices for Chinese plating-grade nickel sulfate in Mar.Asian Metal Copyright - Apr. 4
Graph 9 Prices for Chinese lateritic nickel ore 1.5% delivered-at-ports in Mar.Asian Metal Copyright 2 Graph 4 Prices for ferronickel 10%min delivered to plant in China in Mar.Asian Metal Copyright - Apr. 4
Graph 10 LME nickel cash price trend in Mar. - Apr. 4
Graph 11 LME nickel inventory in Mar. - Apr. 4
Graph 12 CIF prices for lateritic nickel ore 1.5% in China in Mar.Asian Metal Copyright - Apr.Asian Metal Copyright - Apr. 5
Graph 13 CIF prices for lateritic nickel ore 1.8% in China in Mar.Asian Metal Copyright1 China’s nickel sulfate output up by 46.Asian Metal Copyright - Apr. 5
Graph 14 China’s nickel sulfate output by month from January 2015 to April 2016 5
Graph 15 Chinese ferronickel monthly output from January 2015 to April 2016 6
Graph 16 Chinese ferronickel monthly output by province from January 2015 to April 2016 6
Graph 17 Chinese lateritic nickel ore stocks by month from January 2015 to April 2016 7
Graph 18 China lateritic nickel ore stocks by category from January 2015 to April 2016 7
Graph 19 Chinese refined nickel and alloy imports by month from January 2015 to March 2016 7
Graph 20 Chinese refined nickel and alloy imports by country from January 2015 to March 2016 8
Graph 21 China’s ferronickel imports by month from January 2015 to March 2016 9
Graph 22 China’s ferronickel imports from different countries by month from January 2015 to March 2016 9
Graph 23 Lateritic nickel ore imports by month in China from January 2015 to March 2016 10
Graph 24 Imports of Philippine-origin lateritic nickel ore in China from January 2015 to March 2016 10
Graph 25 China’s imports for intermediate products of hydrometallurgical nickel by month 11
Graph 26 China’s imports for intermediate products of hydrometallurgical nickel by country from January 2015 to March 2016 11
.Asian Metal Copyright4 Lateritic nickel ore 12 Graph content Graph 1 Prices for Jinchuan nickel on Chinese spot market in MarAsian Metal Copyright