Nickel Market Report September 2013

Introduction 4
1. Financial overview 4
1.1 CPI rising 2.Asian Metal CopyrightIntroduction 4 1.Asian Metal Copyright6% y-o-y and PPI declining 1.6% y-o-y in August 4
1.2 PMI rising for three consecutive months in September 5
2. International market review 6
2.1 Price of futures crude oil falls with fluctuations 6
2.2 US dollar index down, American government to close down 7
3. Global spot market review 8
3.1 Lateritic nickel ore market 8
3.2 Nickel cathodes market 11
3.3 Ferronickel market 13
3.4 Nickel sulfate market 17
4 Output in September 19
4.1 Nickel cathodes output 19
4.2 Ferronickel output in September in China 20
5 Customs data 20
5.1 Chinese nickel ore import down by 19.75% in August MOM 20
5.2 Chinese refined nickel import up by 59.9% in August MOM 21
5.3 Top10 unrolled non-alloy nickel enterprises in China in August 21
6. Nickel industry developments 28
6.1 Lateritic nickel ore industry developments 28
6.1.1 Antam announced that nickel ore export volume is expected to increase 50% to 10-12 million tons in 2013 28
6.1.2 Indonesia government to prohibit mining enterprises to export purified products next year 28
6.1.3 Nickel mines experiencing low mining rate due to rainy season in Zambales 29
6.2 Nickel cathodes industry developments 29
6.2.1 Yinyi produces 33 tons of nickel cathode per day from August Ganfeng Lithium delays production of nickel sulfate 29
6.2.2 GALICO begins producing nickel cathode from August 29
6.3 Ferronickel industrial developments 30
6.3.1 Jinyuan Nieckel Industry Fangchenggang nickel alloy stats ferronickel production 30
6.3.2 Philippines Taganito Taganito Nickel and Cobalt Smelting Plant holds completion ceremony 30
7. Stainless steel industry developments 30
7.1 Stainless steel scrap 30
7.2 300 series stainless steel 30
8. Outlook for May 31
8.1 Lateritic nickel ore market outlook 31
8.2 Nickel cathodes market forecast 31
8.3 Ferronickel market outlook 31
8.4 Nickel salt market outlook 31

Picture
Picture 1 Chart of CPI and PPI in China during 2011-2013 5
Picture 2 Chinese PMI chart during 2011-2013 6
Picture 3 Major contracts prices of future crude oil in the US in May 7
Picture 4 Chart of USD Index tendency 8
Picture 5 Chinese lateritic nickel ore (nickel content of 1.8%) delivered-at-ports price trend in August: RMB/t 10
Picture 6 Nickel cathodes of Jinchuan brand factory price 12
Picture 7 Nickel cathodes of Jinchuan brand price in spot market 12
Picture 8 Nickel of Norilsk brand price in Chinese spot market 13
Picture 9 Ex works price trend of ferronickel 10%min in China: RMB/mtu 16
Picture 10 Ex works price trend of ferronickel 4-6%min in China: RMB/mtu 16
Picture 11 Ex works price trend of ferronickel 7-9%min in China: RMB/mtu 17
Picture 12 nickel sulfate price movement in June 18
Table
Table 1 Inventory quantity and vessel mooring situation 9
Table 2 nickel cathodes output in September in China .21
Table 3 Table 3 Top 10 import enterprises of nickel ore sand and nickel concentrate in August in China 22
Table 4: China Import statistics of nickel ore san and concentrate in August….23
Table 5 Top 10 unwrought non-alloy nickel import enterprises in August in China 28
Table 6China top 10 ferronickel import enterprises review in August 32
Table 7: China Import statistics of ferronickel in August……………………….33
Table 8 China top 10 nickel sulfate import enterprises review in August………35
.Asian Metal Copyright Stainless steel industry developments 30 7Asian Metal Copyright