2016 Annual Report on Nickel Market

Catalogue
Abstract 1
1 Macroeconomic review 1
1.1 Chinese yuan depreciates after the Fed raises interest rates 1
1.2 Brexit referendum in the UK 1
1.3 Arbitration on the South China Sea 1
1.4 The Philippines' mining restriction policies tighter 1
1.5 Indonesia restarts nickel ore exports 1
1.6 Ferronickel plants' operating rates decline due to China's environmental polices 2
2. Domestic market review 2
2.1 Nickel cathode prices pick up gradually 2
2.2 Ferronickel prices fluctuate upwards 3
2.3 Nickel sulfate prices rebound slowly 4
2.4 Ex-port prices for lateritic nickel ore up 5
3 International market review 5
3.1 Global nickel cathode output in 2016 5
3.2 LME nickel prices fluctuate upwards 6
3.3 Philippine lateritic nickel ore prices recover 6
4 Output and stocks analysis 7
4.1 China’s nickel cathodes output down by 17% YOY in 2016 7
4.2 China’s ferronickel output up by 13.8% YOY in 2016 8
4.3 China’s nickel sulfate output up by 32.4% in 2016 YOY 8
4.4 China's lateritic nickel ore stocks down by 4.4% MOM in late December 9
5 Import and Export in 2016 10
5.1 China's nickel cathode imports up by 22.1% YOY in 2016 10
5.2 Chinese ferronickel imports up significantly by 59.2% YOY in 2016 10
5.3 China’s imports for intermediate products of hydrometallurgical nickel up by 31% YOY from Jan to Nov 11
5.4 China's imports of lateritic nickel ore down by 9.2% YOY in China in 2016 12
6 Market outlook for 2017 13
6.1 Nickel cathode prices to fluctuate upwards 13
6.2 Ferronickel prices to pick up gradually 13
6.3 Nickel sulfate prices to edge up 13
6.4 Lateritic nickel ore prices to rebound 13

Graph Catalogue
Graph 1 Price trend for Jinchuan nickel cathodes in 2016 2
Graph 2 Price trend for Russian nickel cathodes in 2016 2
Graph 3 Price trend for Inco nickel cathodes in 2016 2
Graph 4 Price trend for ferronickel 10%min in 2016 3
Graph 5 Price trend for ferronickel 1.5-2%min in 2016 3
Graph 6 Price trend for battery grade nickel sulfate (Ni＞22% Co＜0.4%) in 2016 4
Graph 7 Price trend for plating grade nickel sulfate (Ni＞22% Co＜0.05%) in 2016 4
Graph 8 Ex-port price trend for lateritic nickel ore 1.8% in China in 2016 5
Graph 9 Ex-port price trend for lateritic nickel ore 1.5% in China in 2016 5
Graph 10 Global nickel output in 2003-2016 5
Graph 11 LME nickel price trend in 2016 6
Graph 12 LME nickel stocks trend in 2016 6
Graph 13 CIF price trend for lateritic nickel ore 1.8% in 2016 6
Graph 14 CIF price trend for lateritic nickel ore 1.5% in 2016 7
Graph 15 China’s nickel cathode output by month in 2015-2016 7
Graph 16 China’s nickel cathode output in 2012-2016 8
Graph 17 China’s ferronickel output by month in 2015-2016 8
Graph 18 China’s nickel sulfate output in 2015-2016 9
Graph 19 China’s nickel ore stocks in 2015-2016 9
Graph 20 China’s lateritic nickel ore stocks by sort in 2015-2016 9
Graph 21 China's imports of refined nickel in 2015-2016 10
Graph 22 China's imports of refined nickel in 2015- 2016 by country 10
Graph 23 China's ferronickel imports in 2015-2016 10
Graph 24 Chin's imports of ferronickel by country in 2015-2016 11
Graph 25 China’s imports for intermediate products of hydrometallurgical nickel by month in 2015 to 2016 11
Graph 26 China’s monthly imports for intermediate products of hydrometallurgical nickel by country in 2015 to 2016 12
Graph 27 Imports of lateritic nickel ore in China in 2015- 2016 12
Graph 28 Imports of lateritic nickel ore of Philippines origin in China in 2015-2016 13



.Asian Metal Copyright2% YOY in 2016 10 5.Asian Metal Copyright