SHANGHAI, Dec 24 (SMM) – China is expected to see a well-supplied nickel ore market in 2019 as Indonesian authorities allocated more export quota.
As of December 23, a total of 44.03 million wmt of nickel ore export quota has been approved since the Southeast Asian country lifted its ban on exports of nickel ore in early 2017.
About 19.61 million wmt of export quota is still effective with 5.29 million wmt getting approved in November-December.
SMM learned that PT Sulawesi Resources shipped its first vessel of nickel ore in December after it in September received the green light to export 1.95 million wmt of nickel ore within one year. We expect stable shipments from the mine to China as it has signed supply agreement with a Chinese trader.
Also in September, the Indonesian government allocated 1.8 million wmt of nickel ore export quota to PT Adhikara Cipta Mulia (ACM).
After export quota expired earlier in the year, PT Ifishdeco and PT Ceria Nugraha Indotama got new quota approved in December. Jinchuan’s PT Wanatiara Persada mine is expected to recover its nickel ore sales of late as the government allocated new export quota to it in November.
Shipments across the five mines mentioned above are expected to grow monthly Indonesian nickel ore shipments by more than 10 vessels.
With growing Indonesian supplies, nickel ore stocks across Chinese ports are expected to extend gains in 2019, nearing the 20 million wmt level, previously seen in 2014.
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