Nickel Market Report March 2015

Abstract 4
1. International market review 4
1.1 LME nickel prices slump with new bottom 4
1.2 Import prices of lateritic nickel ore from Philippines decrease 5
2. Chinese domestic market review 5
2.1 Lateritic nickel ore prices move down 5
2.2 Nickel cathodes market moves down 6
2.3Ferronickel market retreats sharply 8
2.4 Nickel sulfate prices follow with decreasing nickel prices 10
3. Production data 11
3.1 Chinese nickel cathodes output up by 0.84% MOM in March 11
3.2 Chinese ferronickel output down by 23.38% YOY in March 12
4. Lateritic nickel ore stocks in China’s main ports in March 13
5. Import data analysis 14
5.1 Chinese nickel ore imports down by 17.72% MOM in February 14
5.2 Chinese refined nickel and nickel alloy imports up by 30.79% MOM in February 17
5.3 Chinese ferronickel imports down by 41.73% MOM in February 20
6. Company news 23
6.1 Tangshan Kaiyuan Industry will start ferronickel production in June 23
6.2 Zhenshi Group will start ferronickel production in July 23
6.3 Ningbo Minghui will start ferronickel production in June 24
6.4 Fujian Haihe Industry halts ferronickel production in March 24
6.5 Yunxi Group Yuanjiang Nickel Industry suspended nickel cathodes production on March 22 24
6.6 Guangxi Yinyi Science and Technic Mine Metallurgy increased 25% of nickel cathodes output to 1,500t in March. 24
7. Related industry developments 24
7.1 Stainless steel scrap 24
7.2 300 series stainless steel 25
8. Outlook for April 25
8.1 Lateritic nickel ore 25
8.2 Nickel cathodes 25
8.3 Ferronickel 25
8.4 Nickel salts 25

Picture
Picture 1 LME nickel cash price chart in March 4
Picture 2 Prices for Chinese lateritic nickel ore 1.8% delivered-at-ports in March 6
Picture 3 Prices for nickel cathodes in March 6
Picture 4 Prices for nickel cathodes of Jinchuan brand on spot market in March 7
Picture 5 Prices for nickel of Norilsk brand on Chinese spot market in March 7
Picture 6 Prices for Nickel of Inco brand on Chinese spot market in March 8
Picture 7 Prices for ferronickel 10%min in China in March 9
Picture 8 Prices for nickel sulfate of Jinchuan brand factory in March 10
Picture 9 Nickel sulfate prices of Jinchuan brand in March 10
Picture 10 Demonstrates Chinese nickel cathodes output from 2014-2015 (Tonne): 11
Picture 11 Demonstrates Chinese ferronickel output from 2014-2015 (Metal Tonne): 12
Picture 12 Ferronickel outputs in March 13
Picture 13 Demonstrates Chinese nickel ore and concentrate imports from 2014-2015 (Tonne): 14
Picture 14 Demonstrates Chinese nickel ore and concentrate imports from the Philippines from 2014-2015 (Tonne): 14
Picture 15 Demonstrates Chinese refined nickel and nickel alloy imports from 2014-2015 (Tonne) 17
Picture 16 Demonstrates Chinese ferronickel imports from 2014-2015 (Tonne): 20



Table


Table 1 Lateritic nickel ore market imported prices in China 5
Table 2 Ferronickel 10%min purchasing prices from some main stainless steel plants in March and April 9
Table 3 Nickel cathodes outputs in China in March 11
Table 4 Ferronickel outputs in March 12
Table 5 Lateritic nickel ore stocks on March 27, 2015 13
Table 6 Chinese lateritic nickel ore import origins in February 15
Table 7 Top ten Chinese nickel ore/concentrate importers in February 2015 15
Table 8 Chinese nickel ore sand and nickel concentrate imports in February 16
Table 9 Chinese refined nickel and nickel alloy import origins in February 18
Table 10 Top ten Chinese other un-wrought nickel cathode importers in February 2015 18
Table11 Chinese unwrought non-alloy nickel import enterprises in February 18
Table 12 Chinese ferronickel import origins in April 2014 21
Table 13 Top ten Chinese ferronickel importers in February 2015 21
Table 14 Chinese ferronickel import enterprises in February 22
.Asian Metal Copyright79% MOM in February 17 5Asian Metal Copyright