India Nickel Scrap prices drop; Nickel Futures up 1.84 percent

MUMBAI (Scrap Register): India's major nickel scrap prices dropped on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained on the potential for supply disruption from Philippines, the world’s top nickel ore exporter.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) declined on Friday.
In futures, the most active March nickel contract on Multi Commodity Exchange climbed by 1.84 percent to Rs. 737.10 per kilogram on Friday from previous close of Rs. 722.40 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 737 per kilogram and an intra-day low of Rs. 725.80 per kilogram during Friday.
The Philippines could consider banning exports of unprocessed minerals such as nickel in an effort to promote value addition in the mining sector, a senior environment official said.
“It is one of the options that has to be considered not only by the DENR (Department of Environment and Natural Resources) but by the entire government," DENR Undersecretary Maria Paz Luna told reporters. 
Luna spoke after a meeting with other government officials tasked to conduct a second review of 28 mines ordered closed or suspended by the environment ministry. 
Prices remained supported on the potential for supply disruption from the world's top nickel ore exporter, but miners said following in the footsteps of neighbouring Indonesia wouldn't be viable without big government incentives.