Nickel Market Report March 2017

Content
Abstract 3
1 Company news 2
1.1 Ningfeng Magnesium resumes ferronickel production 2
2.1 Nickel cathode prices down 2
2.2 Ferronickel prices up continuously 3
2.3 Prices for nickel sulfate up substantially 3
2.4 Prices for lateritic nickel ore firm in ports of China 4
3 International market review 4
3.1 LME tin prices down sharply 4
3.2 Philippine lateritic nickel ore prices up continually 5
4 Outputs and stocks data 5
4.1 Chinese nickel cathode output down by 8% MOM in March 5
4.2 China’s ferronickel output up by 27.6% MOM in March 6
4.3 China’s nickel sulfate output up by 20.7% YOY in March 6
4.4 China’s stocks for lateritic nickel ore up by 1.8% MOM in late March 7
5 Import and export data 7
5.1 China’s refined nickel and nickel alloy imports up by 30.9% MOM in February 7
5.2 China’s imports for ferronickel down by 20.7% MOM in Feb 2017 9
5.3 Chinese lateritic nickel ore imports up by 0.4% MOM in February 10
5.4 China’s nickel hydrometallurgy intermediates imports up by 20.4% MOM in February 11
6 Market outlook 12
6.1 Nickel cathodes 12
6.2 Ferronickel 12
6.3 Nickel salt 12
6.4 Lateritic nickel ore 13

Graph content
Graph 1 Jinchuan nickel cathode prices in the Chinese spot market from Feb to Mar 2017 (RMB/t) 2
Graph 2 Norilsk nickel cathode prices in the Chinese spot market from Feb to Mar 2017 (RMB/t) 2
Graph 3 Inco nickel prices in the Chinese spot market from Feb to Mar 2017(RMB/t) 3
Graph 4 Chinese ferronickel 10%min prices from Feb to Mar 2017 (RMB/mtu, delivered to plants) 3
Graph 5 Chinese ferronickel 1.5% prices from Feb to Mar 2017(RMB/t, ex works) 3
Graph 6 Chinese battery grade nickel sulfate prices from Feb to Mar 2017(RMB/t) 4
Graph 7 Chinese NCM 523 precursor prices from Feb to Mar 2017(RMB/t) 4
Graph 8 Chinese electroplating grade nickel sulfate prices from Feb to Mar 2017(RMB/t) 4
Graph 9 Chinese lateritic nickel ore 1.8%min prices in ports from Feb to Mar (RMB/t) 4
Graph 10 Chinese lateritic nickel ore 1.5%min in ports from Feb to Mar 2017 (RMB/t) 4
Graph 11 LME nickel prices from Feb to Mar 2017(USD/t) 5
Graph 12 Stocks for LME nickel from Feb to Mar 2017 (t) 5
Graph 13 Prices for Philippine origin lateritic nickel ore 1.5% from Feb to Mar 2017 (USD/t, CIF China) 5
Graph 14 Prices for Philippine origin lateritic nickel ore 1.8% from Feb to Mar 2017 (USD/t, CIF China) 5
Graph 15 Chinese nickel cathode output from Jan 2016 to Mar 2017 by month (t) 6
Graph 16 China’s monthly output for ferronickel from Jan 2016 to Mar 2017 (10kt) 6
Graph 17 China’s monthly output for ferronickel from Jan 2016 to Mar 2017 by provinces (10kt) 6
Graph 18 China’s nickel sulfate output from Jan 2016 to Mar 2017 7
Graph 19 China’s lateritic nickel ore stocks from Jan 2016 to Mar 2017 by month (t) 7
Graph 20 China’s monthly imports of refined nickel from Jan 2016 to Feb 2017 (t) 8
Graph 21 China’s monthly imports for refined nickel by country from Jan 2016 to Feb 2017 (t) 8
Graph 22 China’s monthly imports for ferronickel from Jan 2016 to Feb 2017 (10kt) 9
Graph 23 China’s imports for ferronickel from Jan 2016 to Feb 2017 by month (t) 9
Graph 24 China’s lateritic nickel ore imports from Jan 2016 to Feb 2017 (10kt) 10
Graph 25 Imports of Philippine-origin lateritic nickel ore in China from Jan 2016 to Feb 2017 (10kt) 11
Graph 26 China’s monthly imports of nickel hydrometallurgy intermediates from Jan 2016 to Feb 2017 (t) 12
Graph 27 China’s monthly imports for nickel hydrometallurgy intermediates by country from Jan 2016 to Feb 2017 (t) 12

Table content
Table 1 Table 1 Chinese NCM precursor outputs by region (unit: t) 6
Table 2 Table 2 China’s imports for refined nickel in Feb 2017 8
Table 3 able 3 China’s top 10 importers for refined nickel in Jan 2017 8
Table 4 Table 4 China’s imports for ferronickel in Feb 2017 9
Table 5 Table 5 China’s top 5 importers for ferronickel in Feb 2017 9
Table 6 Table 6 China’s imports for nickel ore in Jan 2017 10
Table 7 Table 7 China’s top 10 importers for nickel ore in Feb 2017 11
Table 8 Table 8 China’s top 5 importers for nickel hydrometallurgy intermediates in Feb 2017 12