SHANGHAI, Dec. 23 (SMM) – Continuous declines in nickel ore prices have forced several nickel ore miners in the Philippines to suspend or cut production, foreign media reported.
“Such conditions are likely to continue in 2016,” said Joseph C. Sy, a director of the Philippine Chamber of Commerce Inc. and chairman of Global Ferronickel Holdings Inc.
If LME nickel price remains below $10,000 per tonne, the price of medium-grade nickel ore will likely fall below $20 per wmt, Sy predicted, and this will push more local miners into losses, as their costs are generally above $20 per wmt.
Since Indonesia’s export ban in January 2014, the Philippines has supplied more than 90 percent of nickel ore imports to China.
Inbound shipments of nickel ore from the Philippines totaled 32.62 million tonnes during the first 11 months of 2015, according to China Customs, down 4.12 percent year-on-year.
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