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 Copyright3 Nickel sulfate prices see disparity 3 2Asian Metal Copyright