Over the past three years, China has been looking for raw materials for China's steel mills in South East Asia, Australia and even africa.
On Thursday (January 12th), Indonesia unexpectedly canceled the ban on exports of nickel ore and bauxite Part of the ban, extending the ban on the export of copper concentrate and other concentrate exemption. Prior to the implementation of the export ban in January 2014, Indonesia is China's main supplier of nickel ore and bauxite. Bauxite is the main raw material for making aluminum.
China accounted for approximately 30% of the global nickel consumption, most of which are used for the production of stainless steel and nickel. Although China's economic slowdown, but stainless steel production to maintain strong momentum.
China is geographically close to Indonesia, so the move will reduce the cost of the Chinese purchase of steel used for stainless steel and aluminum production, the price of these commodities in the international market may be under pressure. Prior to the entry into force of the export ban, Indonesia accounted for 12% of global nickel ore production, accounting for 12%-16%.
Philippines and Malaysia in the two Southeast Asian countries, mining restrictions also means that Indonesia made the decision at this time can be said to be China lucky.
BMIResearch commodity analyst SabrinChowdhury said that the current global market fears of tight supply, Philippines may be in short supply, so Chinese refined nickel producers may still need to be imported from Indonesia nickel ore in order to meet the needs of domestic smelting. Since he took office in July last year, Philippines Ministry of environment and natural resources minister Lopez (ReginaLopez) has canceled six mines in the territory of the license, which is due to environmental considerations on the mining of rectification; Philippines is the world's largest nickel ore supply.
Philippines's largest nickel producer NickelAsiaCo. chief financial officer MannySamson said, taking into account the scale of Indonesia nickel suppliers, even cancel some export restrictions, expected prices will be under pressure. He said that the market had expected this year there will be insufficient supply, the news of Indonesia almost everyone expected to fall. He also said that only hope that the market has the ability to absorb additional supply.
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