Nickel Market Report October 2013

Introduction 4
1. Financial overview 4
1.1 CPI rose 3.Asian Metal Copyright3 Ferronickel market 13 3.Asian Metal Copyright1, PPI reduced 1.3% YOY in Sep 4
1.2 PMI hit new high in recent eighteen months in October 5
2. International market review 6
2.1 Futures prices of crude oil continued to fall back 6
2.2 US government reopens, markets are not embracing US dollar 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 18
4.1 Nickel cathodes output 18
4.2 Ferronickel output in October in China 19
5 Customs data 20
5.1 Chinese nickel ore import up by 27.04% MOM in September 20
5.2 Chinese refined nickel import down by 16.29% MOM in September 27
5.3 Top10 unrolled non-alloy nickel enterprises in China in September 27
6. Nickel industry developments 34
6.1 Lateritic nickel ore industry developments 34
6.1.1 Evercontaining Electric enhances Indonesian project process 34
6.1.2 China Hanwang Indonesia Project Company announced that holding subsidiaries of Indonesia PT Karyatama Konawe Utar and PT Konutara Sejati has sent out the first ship of lateritic nickel ore 34
6.1.3 BHP Billiton resumes production in Cerro Matoso nickel mine in Columbia 35
6.2 Nickel cathodes industry developments 35
6.2.1 Yinyi reduces nickel cathode production by 15% in September 35
6.2.2 Sichuan Ni&Co decreased output of nickel cathode by 9% in September 35
6.2.3 Jianchaling Nickel Industry plans to produce nickel cathode in 2015 35
6.3 Ferronickel industrial developments 36
6.3.1 Jinyuan Nickel Industry Fangchenggang nickel alloy stats ferronickel production 36
6.3.2 Philippines Taganito Taganito Nickel and Cobalt Smelting Plant holds completion ceremony 36
7. Stainless steel industry developments 36
7.1 Stainless steel scrap 36
7.2 300 series stainless steel 36
8. Outlook for May 37
8.1 Lateritic nickel ore market outlook 37
8.2 Nickel cathodes market forecast 37
8.3 Ferronickel market outlook 37
8.4 Nickel salt market outlook 37

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 October: 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 October 18
Table
Table 1 Inventory quantity and vessel mooring situation 9
Table 2 nickel cathodes output in October in China .21
Table 3 Table 3 Top 10 import enterprises of nickel ore sand and nickel concentrate in September in China 22
Table 4: China Import statistics of nickel ore san and concentrate in September ….23
Table 5 Top 10 unwrought non-alloy nickel import enterprises in September in China 28
Table 6China top 10 ferronickel import enterprises review in September 32
Table 7: China Import statistics of ferronickel in September……………………….33
Table 8 China top 10 nickel sulfate import enterprises review in September………35
.Asian Metal Copyright1 Lateritic nickel ore market outlook 37 8Asian Metal Copyright