Data: China's nickel import, export in Jan

The Lisbon-based International Nickel Study Group (INSG) released data on Monday March 21, showing that in January 2022, the global nickel market was oversupplied by 6,000 mt, while there was a supply shortage of 5,300 mt in the same period last year.

According to sources, Indonesian President Jokowi admitted that the ban on raw ore export had not been without challenges, as the European Union (EU) has filed a lawsuit against Indonesia’s nickel ore export ban at the World Trade Organization (WTO).

The Three-month LME nickel opened at $24,405/mt on Tuesday and gained 2.29% to close at $25,055/mt. While the most traded SHFE nickel contract opened at 180,000 yuan/mt, with an intraday increase of merely 0.87%. If US actually imposes sanctions on Russia, the NORNICKAL nickel plate that were previously exported to US may flow into China.

Shanghai nonferrous metals mostly closed in the positive territory as the market was cheered up by the macro front, as China released its December official manufacturing and non-manufacturing PMI readings, which topped market expectation.

CATARC Co. recently released the "2021 Energy-saving and New Energy Vehicle Development Report."

Shanghai base metals basically trended lower amid a cautious market which expected the Fed to wrap up the bond purchasing program early than estimate. Meanwhile, their counterparts on LME mostly closed in the positive zone.

Shanghai base metals basically trended higher on Friday morning. Meanwhile, their counterparts on LME trended mixed.

Exports of steel stood at 4.36 million mt in November and totalled 61.88 miillion mt From January to November, up 26.7% year-on-year. The imports of steel stood at 1.42 million mt in November and totalled 13.27 million mt from January to November, down 29.6% YoY. China imported 10.50 million mt of iron ore and concentrates in November and 1.04 billion mt from January to November, down 3.2% YoY.

DMCI Holdings Inc said on Wednesday that its Berong nickel mine in the Philippines is expected to run out of resources before the end of the year, and the mine will be decommissioned and repaired.

GEM stated that the main key equipment of the company's nickel resource project will be officially shipped to Indonesia and completed in mid-May 2021.