Nickel Market Report February 2016

Content
Abstract 1
1 Company news 1
1.1 Kaishi Industrial lowers operating capacity for nickel cathode again 1
1.2 Yichuan Nickel starts to overhaul electric furnace 1
1.3 Shenzhen Harvest Resource resumes nickel sulfate production 1
2 Chinese domestic market review 1
2.1 Chinese nickel cathode prices rebound slightly after hitting bottom 1
2.2 High grade ferronickel prices continue to slip 2
2.3 Nickel sulfate prices decline slightly 2
2.4 Prices for lateritic nickel ore slide further 3
3 International market review 3
3.1 LME nickel prices rebound after hitting bottom 3
3.2 Import prices for Philippines-origin lateritic nickel ore fall slightly 4
Product Data 4
4.1 China’s nickel cathode output down 2% in February MOM 4
4.2 Chinese ferronickel output down by 4% MOM in February 5
4.3 China’s nickel sulfate output up 3% MOM at the end of February 5
4.4 Chinese lateritic nickel ore stock slips 4.8% MOM in late February 6
5 Import data analysis 7
5.1 Chinese refined nickel imports up by 2.1% MOM in January 7
5.2 Chinese ferronickel imports up 121.5% MOM in January 8
5.3 China’s lateritic nickel ore imports down 39.9% MOM in January 2016 9
6 Market outlook 10
6.1 Nickel cathode 10
6.2 Ferronickel 10
6.3 Nickel salts 10
6.4 Lateritic nickel ore 10

Graph content
Graph 1 Prices for Jinchuan nickel in Chinese spot market in Jan. - Feb. 1
Graph 2 Prices for Norilsk brand nickel on Chinese spot market in Jan. - Feb. 2
Graph 3 Prices for Inco brand nickel on Chinese spot market in Jan. - Feb. 2
Graph 4 Prices for ferronickel 10%min delivered to plant in China in Jan. - Feb. 2
Graph 5 Prices for ferronickel 1.5%min ex works in China in Jan.Asian Metal Copyright 2015 –Feb.Asian Metal Copyright - Feb. 2
Graph 6 Prices for Chinese battery grade nickel sulfate 22% in Jan. – Feb. 3
Graph 7 Prices for Chinese electroplate grade nickel sulfate 22% in Jan. – Feb. 3
Graph 8 Prices for Chinese lateritic nickel ore 1.8% delivered-at-ports in Jan.Asian Metal Copyright1 Chinese refined nickel imports up by 2.Asian Metal Copyright – Feb. 3
Graph 9 Prices for Chinese lateritic nickel ore 1.5% delivered-at-ports in Jan.Asian Metal Copyright 2 Graph 6 Prices for Chinese battery grade nickel sulfate 22% in Jan.Asian Metal Copyright – Feb. 3
Graph 10 LME nickel cash price chart in Jan. – Feb. 4
Graph 11 LME nickel inventory chart in Jan. – Feb. 4
Graph 12 CIF prices for lateritic nickel ore 1.5% in China in Jan.Asian Metal Copyright 2015 –Feb.Asian Metal Copyright – Feb. 4
Graph 13 China’s nickel cathode output in Jan. 2015 –Feb. 2016 4
Graph 14 China’s monthly nickel cathode output by province in Jan. 2015 –Feb. 2016 5
Graph 15 Chinese ferronickel output in Jan. 2015 –Feb. 2016 5
Graph 16 Chinese ferronickel output by region 5
Graph 17 China’s nickel sulfate output in Jan. 2015 –Feb. 2016 6
Graph 18 Guangdong nickel sulfate output in Jan. 2015 –Feb. 2016 6
Graph 19 Chinese lateritic nickel ore stock in Jan. 2015 –Feb. 2016 6
Graph 20 Lateritic nickel ore stock of producers and traders in Feb. 2015 –Feb. 2016 6
Graph 21 Chinese refined nickel imports in Feb. 2015 –Feb. 2016 7
Graph 22 Chinese refined nickel imports by country in Jan. 2015 –Feb. 2016 7
Graph 23 Chinese ferronickel imports in Jan. 2015 –Feb. 2016 8
Graph 24 Chinese ferronickel imports from different countries in Jan. 2015 –Feb. 2016 8
Graph 25 China’s lateritic nickel ore imports in Feb. 2015 –Feb. 2016 9
Graph 26 Philippines-origin lateritic imports in Jan. 2015 –Feb. 2016 9

Table content
Table 1 Chinese refined nickel imports in January 7
Table 2 Top 10 refined nickel import companies in January 7
Table 3 Chinese ferronickel imports in January 8
Table 4 Top 10 ferronickel importers in China in January 8
Table 5 China’s lateritic nickel imports in January 2016 9
Table 6 Top 10 import enterprises of lateritic nickel ore in January 9

.Asian Metal Copyright8% MOM in late February 6 5 Import data analysis 7 5Asian Metal Copyright