Nickel market report July 2017

Contents

Abstract 1
1 Company news 1
1.1 Tianyi Metal resumes ferronickel production in late June 1
1.2 Shanxi Dakang Group takes maintenance for ferronickel 1
1.3 Xin Bei Inorganic Chemical expects to raise nickel sulfate output 1
2 Chinese market review 2
2.1 Prices for nickel cathodes down first and then up dramatically 2
2.2 Ferronickel prices rebound 2
2.3 Prices for nickel sulfate down first and up later 3
2.4 Lateritic nickel ore prices rebound in ports of China 4
3 International market review 4
3.1 LME nickel prices up further 4
3.2 Prices for Philippine lateritic nickel ore rebound 5
4 Production and stocks data 5
4.1 Chinese nickel cathode output down by 7.2% MOM in July 5
4.2 Chinese ferronickel output up by 15.3% MOM in July 5
4.3 Chinese nickel sulfate output up by 3.1% MOM in July 6
4.4 China’s lateritic nickel ore stocks up by 10% MOM in July 7
5 Analysis on Import and export data 7
5.1 China’s refined nickel and nickel alloy imports down by 28.1% MOM in June 2017 7
5.2 China’s ferronickel imports down by 25.5% MOM in June 8
5.3 China’s imports for lateritic nickel ore up by 24.7% in June 2017 10
5.4 China’s nickel hydrometallurgy intermediates imports up by 25.8% MOM in June 11
6 Market outlook 12
6.1 Nickel cathode 12
6.2 Ferronickel 12
6.3 Nickel salt 12
6.4 Lateritic nickel ore 12


GRAPHS

Graph 1 Jinchuan nickel cathode price in the Chinese spot market from Jun to Jul (RMB/t) 2
Graph 2 Norilsk nickel cathode prices in the Chinese spot market from Jun to Jul (RMB/t) 2
Graph 3 Inco nickel prices in the Chinese spot market from Jun to Jul (RMB/t) 2
Graph 4 Delivered-to-plants prices for Chinese ferronickel 10%min from Jun to Jul (RMB/mtu) 3
Graph 5 Chinese ferronickel 1.5% EXW prices from Jun to Jul (RMB/t) 3
Graph 6 Chinese battery grade nickel sulfate prices from Jun to Jul (RMB/t) 3
Graph 7 Chinese NCM 523 precursor prices from Jun to Jul (RMB/t) 3
Graph 8 Chinese electroplating grade nickel sulfate prices from Jun to Jul (RMB/t) 3
Graph 9 Chinese lateritic nickel ore 1.8%min prices in ports from Jun to Jul (RMB/t) 4
Graph 10 Chinese lateritic nickel ore 1.5%min in ports from Jun to Jul (RMB/t) 4
Graph 11LME nickel prices from Jun to Jul (USD/t) 4
Graph 12 Stocks for LME nickel from Jun to Jul (t) 4
Graph 13 CIF Prices for Philippine origin lateritic nickel ore 1.5% in China from Jun to Jul (USD/t) 5
Graph 14 CIF Prices for Philippine origin lateritic nickel ore 1.8% in China from Jun to Jul (USD/t) 5
Graph 15 Chinese nickel cathode output by month 5
Graph 16 Chinese ferronickel output by month ( kt ) 6
Graph 17 Chinese ferronickel output by region (kt) 6
Graph 18 Chinese nickel sulfate output by month 6
Graph 19 Lateritic nickel ore stocks in China from Jan 2016 to Jul 2017 (kt) 7
Graph 20 China’s monthly imports for refined nickel from Jan 2016 to Jun 2017 (t) 7
Graph 21 China’s monthly imports for refined nickel by country from Jan 2016 to Jun 2017 (t) 7
Graph 22 China’s monthly imports of ferronickel in 2016-2017 (10kt ) 9
Graph 23 China’s monthly imports of ferronickel by country in 2016-2017 ( tonne ) 9
Graph 24 China’s monthly imports for lateritic nickel ore from Jan 2016 to Jun 2017 (10kt) 10
Graph 25 China’s monthly imports for Philippines origin lateritic nickel ore from Jan 2016 to Jun 2017 (10kt) 10
Graph 26 China’s monthly imports for nickel hydrometallurgy intermediates from Jan 2016 to Jun 2017 (t) 11
Graph 27 China’s nickel hydrometallurgy intermediates from Jan 2016 to Jun 2017 (t) 11

Tables

Table 1 China’s NCM precursor outputs by province (t) 6
Table 2 China’s refined nickel imports in Jun 8
Table 3 China’s top 10 importers for refined nickel in Jun 8
Table 4 China’s imports for ferronickel in June 2017 9
Table 5 China’s top 5 ferronickel importers in June 9
Table 6 China’s imports for nickel ore in June 10
Table 7 China’s top 10 importers for nickel ore in June 11
Table 8 Top five Chinese importers of nickel hydrometallurgy intermediates in June 11