Nickel Market Report October 2015

Abstract 4
1. International market review 4
1.1 LME nickel prices languish at low levels 4
1.2 Import prices for lateritic nickel ore from Philippines edge up 5
2. Chinese domestic market review 5
2.1 Lateritic nickel ore prices rebound 5
2.2 Nickel cathodes market hovers at low levels 6
2.3 Ferronickel market edges up 8
2.4 Nickel sulfate prices edge up slightly 9
3. Production data 10
3.1 Chinese nickel cathodes output up by 5.9% MOM in October 10
4. Lateritic nickel ore stocks in China’s main ports in October 12
5. Import data analysis 13
5.1 Chinese nickel ore imports up by 2.21% MOM in September 13
5.2 Chinese refined nickel and nickel alloy imports up by 59.03% MOM in September 15
5.3 Chinese ferronickel imports up by 26.85% MOM in September 18
6. Company news 20
6.1 Jien Nickel Industry resumes nickel sulfate production 20
6.2 Indonesia Hengtaiyuan Metallurgy starts ferronickel production in August. 20
6.3 Yingkou Ningfeng Magnesium Industry to increase outputs of high-grade ferronickel in November 20
6.4 Linyi Yuansheng Cast Smelting resumes ferronickel production on October 10. 20
7. Related industry developments 21
7.1 300 series stainless steel 21
8. Outlook for November 21
8.1 Lateritic nickel ore 21
8.2 Nickel cathodes 21
8.3 Ferronickel 21
8.4 Nickel salts 22

Picture
Picture 1 LME nickel cash price chart in September-October 4
Picture 2 Prices for Chinese lateritic nickel ore 1.8% delivered-at-ports in September-October 6
Picture 3 Prices for nickel cathodes in September-October 7
Picture 4 Prices for nickel cathodes of Jinchuan brand on spot market in September-October 7
Picture 5 Prices for nickel of Norilsk brand on Chinese spot market in September-October 8
Picture 6 Prices for nickel of Inco brand on Chinese spot market in September-October 8
Picture 7 Prices for ferronickel 10%min in China in September-October 9
Picture 8 Prices for nickel sulfate from Jinchuan brand factory in September-October 10
Picture 9 Nickel sulfate prices from Jinchuan brand in September-Ocotber 10
Picture 10 Chinese nickel cathodes output in 2014-15 : 11
Picture 11 Nickel cathodes output in Gansu, Jilin, Sichuan, Xinjiang and Guangxi from 2014-2015 12
Picture 14 Chinese nickel ore and concentrate imports in 2014-15 (tonnes): 14
Picture 15 Chinese nickel ore and concentrate imports from the Philippines in 2014-15 (tonnes): 14
Picture 16 Chinese refined nickel and nickel alloy imports in 2014-15 (tonnes) 16
Picture 17 Chinese refined nickel imports from Russia, Canada and Japan in 2014-15 (tonnes) 17
Picture 18 Chinese ferronickel imports in 2014-15 (tonnes):: 18
Picture 19 Chinese ferronickel imports from Indonesia, Colombia, Brazil and Japan from 2014-15 19

Table
Table 1 Lateritic nickel ore market import prices in China 5
Table 2 Ferronickel 10%min purchase prices from some major stainless steel plants in October and November 9
Table 3 Nickel cathodes outputs in China in October 12
Table 4 Lateritic nickel ore stocks on 30 October 2015 13
Table 5 Chinese lateritic nickel ore import origins in September 15
Table 6 Main Chinese nickel ore/concentrate importers in August 2015 15
Table 7 Chinese refined nickel and nickel alloy import origins in September 16
Table 8 Main Chinese other unwrought nickel cathode importers in September 2015 17
Table 9 Chinese ferronickel import origins in September 2015 19
Table 10 Main Chinese ferronickel importers in September 2015 19

.Asian Metal Copyright2 Import prices for lateritic nickel ore from Philippines edge up 5 2Asian Metal Copyright