Nickel Market Report December 2013

Abstract 4
1. Financial overview 4
1.1 Domestic financial review 4
1.1.Asian Metal Copyright4 Inner Mongolia Mengyu Chemical Co.Asian Metal Copyright1 CPI rose by 3.Asian Metal Copyright3 Top10 unrolled non-alloy nickel enterprises in China in November 25 6.Asian Metal Copyright0% while PPI reduced by 1.4% YOY in November 4
1.1.2 PMI declined MOM in December 5
1.2 International financial review 6
1.2.1 Crude oil future prices up on political chaos in South Sudan 6
1.2.2 US dollar index fluctuates slightly 7
2. Chinese domestic market review 8
2.1 Lateritic nickel ore market increases slightly 8
2.2 Nickel cathodes market moves up 9
2.3 Ferronickel market retreats slightly 11
2.4 Nickel sulfate market remains stable 13
3 International market review 14
3.1 LME nickel market keeps at a low level 14
4 Production data 15
4.1 Nickel cathodes output up by 2.74% MOM in December 16
4.2 Ferronickel output down by 10.81% MOM in December 17
5. Lateritic nickel ore stocks in Chinese main ports in December 18
6 Import & Export data analysis 19
6.1 Chinese nickel ore import up by 6.42% MOM in November 19
6.2 Chinese refined nickel import down by 30.87% MOM in November 24
6.3 Top10 unrolled non-alloy nickel enterprises in China in November 25
6.4 Chinese ferronickel import down by 19.68% MOM in November 28
7. Company news 31
7.1 The Brazilian mining tycoon, Vale plans to produce 289,000t of nickel and 405,000t of copper in 2014 31
7.2 BNC announced that it has gained USD3.3 million 31
7.3 Jiangxi Jiangli Sci-Tech Co., Ltd increased output of nickel cathode by 33% in November 31
7.4 Inner Mongolia Mengyu Chemical Co., Ltd restarted high-grade ferronickel production 31
8. Related industry developments 31
8.1 Stainless steel scrap 32
8.2 300 series stainless steel 32
9. Outlook for January 32
9.1 Lateritic nickel ore market outlook 32
9.2 Nickel cathodes market forecast 32
9.3 Ferronickel market outlook 32
9.4 Nickel salt market outlook 33

Picture 1 China’s CPI and PPI in 2011-2013 5
Picture 2 China’s manufacturing PMI in 2011-2013 6
Picture 3 Market price trend of dominant contract of crude oil futures in US in December 7
Picture 4 US dollar index 7
Picture 5 Chinese lateritic nickel ore 1.8% delivered-at-ports price trend in December: RMB/t 8
Picture 6 Nickel cathodes of Jinchuan brand factory price in December 9
Picture 7 Nickel cathodes of Jinchuan brand price in spot market in December 9
Picture 8 Nickel of Norilsk brand price in Chinese spot market in December 10
Picture 9 Nickel of Inco brand price in Chinese spot market in December 10
Picture 10 The price of ferronickel 10%min in China in December: RMB/mtu 12
Picture 11 The price of ferronickel 4-6%min in China in December: RMB/mtu 12
Picture 12 The price of ferronickel 7-9%min in China in December: RMB/mtu 13
Picture 13 Nickel sulfate ex-factory price of Jinchuan brand movement in December 13
Picture 14 nickel sulfate price movement in December 14
Picture 15 LME nickel cash price chart in December (USD/t) 15
Picture 16 Nickel cathodes output in 2013 16
Picture 17 Lateritic nickel ore stocks in 2013 (Unit: thousand tones) 19

Table
Table 1 ferronickel 10%min purchasing price from some mainly stainless steel plants in December 2013 and January 2014 11
Table 2 nickel cathodes output in December in China (Unit: ton) 16
Table 3 Ferronickel output in December 17
Table 4 lateritic nickel ore stocks in January to December 2013 18
Table 5 Top 10 import enterprises of nickel ore sand and nickel concentrate in November in China 19
Table 6 Nickel ore sand and nickel concentrate of Hs Code: 26040000 in November 20
Table 7 Top 10 unwrought non-alloy nickel import enterprises in November in China 25
Table 8 unwrought non-alloy nickel of Hs Code: 75021090 in November 25
Table 9 China top ferronickel import enterprises review in November 28
Table 10 Import statistics of ferronickel from different nations in November 28

.Asian Metal Copyright2 Chinese refined nickel import down by 30Asian Metal Copyright