2015 Annual Report on Nickel Market

Content
Preface 1
1. Domestic market review 1
1.1 Nickel cathode price moves down 1
1.2 Ferronickel price declines 1
1.3 Nickel sulfate price decreases slightly 2
1.4 Lateritic nickel ore price declines by port 2
2. International market review 3
2.1 Global nickel cathode output in 2015 3
2.2 LME nickel price moves down 3
2.3 Philippine lateritic nickel ore price moves downs 4
3. Output and stocks analysis 4
3.1 Chinese nickel cathode output down by 4.4% YOY in 2015 4
3.2 Chinese ferronickel metal tons output down by 7.1% YOY in 2015 5
3.3 China’s nickel sulfate output up 26% MOM in December 2015 6
3.4 Chinese lateritic nickel ore stock down 6.62% YOY in major ports in 2015 6
4 Import and Export in 2015 7
4.1 Chinese nickel cathode imports up by 124.5% YOY in 2015 7
4.2 Chinese ferronickel imports up by 131.4% YOY in 2015 8
4.3 Imports for lateritic nickel ore down by 30% YOY in China in 2015 9
5 Market outlook in 2016 9
5.1 Nickel cathode price adjusts at low levels 9
5.2 Ferronickel price in difficulty for substantial increase 10
5.3 Nickel sulfate price to rebound slightly 10
5.4 Lateritic nickel ore price to pick up slowly 10

Graph content
Graph 1 Price trend for Jinchuan nickel cathode in 2015 1
Graph 2 Price trend for Norilsk nickel cathode in 2015 1
Graph 3 Price trend for high-grade ferronickel in 2015 2
Graph 4 Price trend for nickel sulfate in 2015 2
Graph 5 Price trend for Chinese lateritic nickel ore 1.8% price in 2015 3
Graph 6 Price trend for LME nickel in 2015 3
Graph 7 Picture LME nickel stock changes in 2015 4
Graph 8 Monthly output for Chinese nickel cathode in 2015 4
Graph 9 Chinese monthly nickel cathode output in 2015 by province 4
Graph 10 Chinese ferronickel output in 2015 5
Graph 11 Chinese ferronickel output by region 5
Graph 12 Chinese ferronickel output in 2011-2015 6
Graph 13 China’s nickel sulfate output in 2015 by month 6
Graph 14 Accumulative lateritic nickel ore stock in China through 2015 7
Graph 15 Chinese imports for refined nickel from 2014-2015 7
Graph 16 Chinese imports for refined nickel from 2014-2015 by country 8
Graph 17 Chinese major refined nickel importers in 2015 8
Graph 18 Chinese ferronickel imports from 2014-2015 8
Graph 19 Chinese imports for ferronickel by country in 2015 8
Graph 20 Major ferronickel importers in China in 2015 9
Graph 21 Imports for lateritic nickel ore in China from 2014-2015 9
Graph 22 Imports for Philippines origin lateritic nickel ore in China in 2015 9
Graph 23 Major lateritic nickel importers in China in 2015 9

Table content
Table 1 Nickel cathode output in major provinces of China from 2014 to 2015 (t) 5
Table 2 Stocks held by major Chinese ports at the end of 2015 6

.Asian Metal Copyright62% YOY in major ports in 2015 6 4 Import and Export in 2015 7 4Asian Metal Copyright