Nickel Market Report May 2014

Abstract 4
1. Financial overview 4
1.1 Domestic financial review 4
1.1.Asian Metal Copyright87% MOM in April 18 6.Asian Metal Copyright1 China’s CPI up by 1.Asian Metal Copyright8% delivered-at-ports in May 9 Picture 6 Prices for nickel cathodes in May 10 Picture 7 Prices for nickel cathodes of Jinchuan brand on spot market in May 10 Picture 8 Prices for nickel of Norilsk brand on Chinese spot market in May 11 Picture 9 Prices for Nickel of Inco brand on Chinese spot market in May 11 Picture 10 Prices for ferronickel 10%min in China in May 13 Picture 11 Prices for ferronickel 4-6%min in China in May 13 Picture 12 Prices for ferronickel 7-9%min in China in May 14 Picture 13 Prices for nickel sulfate of Jinchuan brand factory in May 15 Picture 14 Nickel sulfate prices of Jinchuan brand in May 15 Table Table 1 Ferronickel 10%min purchasing prices from some main stainless steel plants in May and June 12 Table 2 Nickel cathodes outputs in China in May 16 Table 3 Ferronickel outputs in May 17 Table 4 Lateritic nickel ore stocks on May 30, 2014 18 Table 5 Chinese lateritic nickel ore imports in April 19 Table 6 Chinese top 10 import enterprises of nickel ore sand and nickel concentrate in April 19 Table 7 Chinese nickel ore sand and nickel concentrateimports in April 19 Table 8 Chinese refined nickel and nickel alloy imports in April 23 Table 10 Chinese top 10 unwrought non-alloy nickel import enterprises in April 24 Table 11 Chinese unwrought non-alloy nickelimport enterprises in April 24 Table 12 Chinese ferronickel import origins in April 2014 27 Table 13 Chinese top 10 ferronickel import enterprises in April 28 Table 14 Chinese ferronickel import enterprises in April 28 Table 15 Exporters of nickel power to China in April 2014 30 Table 16 Chinese top 10 nickel powders flakes import enterprises in April 30 Table 17 Chinese nickel powders flakes import enterprises in April 31 .Asian Metal Copyright8%, PPI down by 2.6% YOY in April 4
1.1.2 China’s PMI continues to rebound in May 5
1.2 International financial review 6
1.2.1 Crude oil futures prices rebound slightly 6
1.2.2 Index of USD rises 6
2. International market review 7
2.1 LME nickel prices continue to increase 7
2.2 Import prices of lateritic nickel ore from Philippines increase 8
3 Chinese domestic market review 9
3.1 Lateritic nickel ore prices continue to increase 9
3.2 Nickel cathodes market picks up 9
3.3 Ferronickel market rebounds further 12
3.4 Nickel sulfate prices increase 14
4 Production data 16
4.1 Chinese nickel cathodes output up by 0.66% MOM in May 16
4.2 Chinese ferronickel production down by 4.74% MOM in May 16
5 Lateritic nickel ore stocks in Chinese main ports in May 17
6 Import data analysis 18
6.1 Chinese nickel ore imports down by 2.87% MOM in April 18
6.2 Chinese refined nickel and nickel alloy imports up by 35.07% MOM in April 22
6.3 Top 10 unrolled non-alloy nickel import enterprises in China in April 23
6.4 Chinese ferronickel imports up by 67.78% MOM in April 26
6.5 Chinese nickel powder imports up by 26.53% MOM in April 29
7 Company news 31
7.1 Vale has suspended production at its Goro nickel processing plant and mine in New Caledonia 31
7.2 Sichuan Ni&Co Guorun New Materials resume nickel cathodes production in mid-May 32
7.3 Jinzhou Yaoxin Cost Industry plans to start low-grade ferronickel production in early June 32
8 Related industry developments 32
8.1 Stainless steel scrap 32
8.2 300 series stainless steel 32
9 Outlook for June 32
9.1 Lateritic nickel ore 32
9.2 Nickel cathodes 33
9.3 Ferronickel 33
9.4 Nickel salts 33

Picture
Picture 1 China’s CPI and PPI trend 2012-2014 4
Picture 2 China’s PMI index in 2012-2014 5
Picture 3 Futures prices of crude oil in US in 2014 6
Picture 4 USD index chart 2014 6
Picture 15 LME nickel cash price chart in May 7
Picture 5 Prices for Chinese lateritic nickel ore 1.8% delivered-at-ports in May 9
Picture 6 Prices for nickel cathodes in May 10
Picture 7 Prices for nickel cathodes of Jinchuan brand on spot market in May 10
Picture 8 Prices for nickel of Norilsk brand on Chinese spot market in May 11
Picture 9 Prices for Nickel of Inco brand on Chinese spot market in May 11
Picture 10 Prices for ferronickel 10%min in China in May 13
Picture 11 Prices for ferronickel 4-6%min in China in May 13
Picture 12 Prices for ferronickel 7-9%min in China in May 14
Picture 13 Prices for nickel sulfate of Jinchuan brand factory in May 15
Picture 14 Nickel sulfate prices of Jinchuan brand in May 15

Table

Table 1 Ferronickel 10%min purchasing prices from some main stainless steel plants in May and June 12
Table 2 Nickel cathodes outputs in China in May 16
Table 3 Ferronickel outputs in May 17
Table 4 Lateritic nickel ore stocks on May 30, 2014 18
Table 5 Chinese lateritic nickel ore imports in April 19
Table 6 Chinese top 10 import enterprises of nickel ore sand and nickel concentrate in April 19
Table 7 Chinese nickel ore sand and nickel concentrateimports in April 19
Table 8 Chinese refined nickel and nickel alloy imports in April 23
Table 10 Chinese top 10 unwrought non-alloy nickel import enterprises in April 24
Table 11 Chinese unwrought non-alloy nickelimport enterprises in April 24
Table 12 Chinese ferronickel import origins in April 2014 27
Table 13 Chinese top 10 ferronickel import enterprises in April 28
Table 14 Chinese ferronickel import enterprises in April 28
Table 15 Exporters of nickel power to China in April 2014 30
Table 16 Chinese top 10 nickel powders & flakes import enterprises in April 30
Table 17 Chinese nickel powders & flakes import enterprises in April 31

.Asian Metal Copyright2 Index of USD rises 6 2Asian Metal Copyright