Author: Paul Ploumis
22 Dec 2014 Last updated at 07:17:37 GMT
MANILA (Scrap Monster): Defensor, stated that, the ban on nickel ore exports in Indonesia, had been a great boon to the Philippines. Michael Defensor is the Chairman of Pax Libera Mining and also was the Environmental Secretary of THE Philippines in the  period 2004-2006. The company is planning on opening four new nickel mining sites in the country, and has already initiated the production in two nickel mines in the past two years. He added that, the company  will utilize the maximum out of this opportunity and also produce the maximum amount of ore to meet with the growing demand.

The ban on nickel ore exports in Indonesia, was initiated in order to promote domestic processing of nickel ore in the country. The procedure started in the beginning of January this month and was upheld in the court this month. In the month of May, the price of nickel increased to 2 year high, which was fueled up by the ban. But the unexpected increase in the supply of nickel ore from Indonesia and also the weakening demand for the material in China, however declined the price of nickel ore. According to the Citi Bank, the market of nickel is still bullish as the demand for the commodity is expected to increase and the supply from the Philippines will not be sufficient to suppress the demand. Nickel will soon face global shortage.