Nickel Market Report September 2016

Content
Abstract 1
1 Company news 1
1.1 Xinjiang Xinxin’s nickel cathode stocks continue to increase 1
1.2 Shanxi Huaze suspends nickel sulfate production again 1
1.3 Shangtai Industry puts ferronickel into production 1
2 Domestic market review 1
2.1 Nickel cathode prices stand high 1
2.2 Low grade nickel prices continue to rise 2
2.3 Nickel sulfate prices down 3
2.4 Lateritic nickel ore prices stable at ports 3
3 International market review 4
3.1 LME nickel prices rebound with fluctuations 4
3.2 Philippine origin lateritic nickel ore prices stable 4
4 Production and stocks data 5
4.1 China's refined nickel output down by 19% YOY in the first nine months 5
4.3 Chinese stocks of lateritic nickel ore down by 5.9% MOM in September 5
5 Import data analysis 6
5.1 China’s lateritic nickel ore imports up by 21.5% MOM in August 6
5.2 China’s ferronickel imports down by 12.3% MOM in August 7
5.3 China’s imports for intermediate products of hydrometallurgical nickel down by 56.7% YOY in Aug 7
6 Market outlook 8
6.1 Nickel cathode 8
6.2 Ferronickel 8
6.3 Nickel salt 8
6.4 Lateritic nickel ore 8

Graph Content
Graph 1 Jinchuan nickel cathode price in the spot market from August to September 2
Graph 2 Norilsk nickel cathode price in the spot market from August to September 2
Graph 3 Inco nickel cathode price in the spot market from August to September 2
Graph 4 Chinese ferronickel 10%min DDP prices from August to September 2
Graph 5 Chinese ferronickel 1.5% ex works-prices from August to September 3
Graph 6 Chinese battery grade nickel sulfate prices from August to September 3
Graph 7 Chinese NCM 523 precursor prices from August to September 3
Graph 8 Chinese electroplating grade nickel sulfate prices from August to September 3
Graph 9 Chinese lateritic nickel ore 1.8% prices at ports from August to September 4
Graph 10 Prices for lateritic nickel ore 1.5%, at ports of China from August to September 4
Graph 11 LME nickel prices from August to September 4
Graph 12 LME nickel stocks from August to September 4
Graph 13 CIF Prices for Philippines origin lateritic nickel ore 1.5% from August to September 5
Graph 14 CIF prices for Philippines origin lateritic nickel ore 1.8% from August to September 5
Graph 15 China's refined nickel output statistics by month from Jan. 2015 to Sep. 2016 5
Graph 16 Stocks for lateritic nickel ore in China by month from Jan. 2015 to Sep. 2016 5
Graph 17 Stocks of lateritic nickel ore in China by category from Jan. 2015 to Sep. 2016 6
Graph 18 China’s lateritic nickel ore days consumption of inventory by month from Jan. 2015 to Sep. 2016 6
Graph 19 China’s lateritic nickel ore imports by month from Jan. 2015 to Aug. 2016 6
Graph 20 China imports for Philippine lateritic nickel ore by month from Jan. 2015 to Aug. 2016 6
Graph 21 China’s imports for ferronickel by month from Jan. 2015 to Aug. 2016 7
Graph 22 China’s imports for ferronickel by month and country from Jan. 2015 to Aug. 2016 7
Graph 23 China’s imports for intermediate products of hydrometallurgical nickel by month from Jan. 2015 to Aug. 2016 7
Graph 24 China’s monthly imports for intermediate products of hydrometallurgical nickel by country from Jan. 2015 to Aug. 2016 8
.Asian Metal Copyright1 China’s lateritic nickel ore imports up by 21Asian Metal Copyright