Posted on 01 Aug 2024
The Philippines remains the largest nickel ore and concentrate exporter to China in June, Kallanish Power Materials notes.
According to Global Trade Tracker (GTT), in June, China imported over 4.39 million tonnes of nickel ores and concentrates from the Philippines, about the same level as in May, and an on-year decline of 10%. During the first half of this year, China imported a total of about 14mt of nickel ores and concentrates from the Philippines, an on-year cumulative decline of 3%.
Meanwhile, China is importing more nickel sulphate from Indonesia. According to GTT data, in H1 2024, about 77.40% of Chinese imports of such products were from Indonesia, a surge of about 60% from H1 2023's approximately 16%.
Besides China, Japan, South Korea and Indonesia are also major importers of Philippine nickel ores and concentrates. Reports suggest that nickel ore and concentrate exports from the Philippines to Indonesia surged from May this year.
Previously, the US, Philippines and Japan were reported to have had discussions on forming a trilateral agreement, in which the Philippines would supply raw nickel material, the US would provide financing, and Japan would offer the technology required for smelting and refining.
The Philippines said it has been increasing its nickel production in recent years, aiming to become the world's largest producer, surpassing Indonesia. Three more nickel processing plants featuring high-pressure acid leach (HPAL) are expected to be landed in the Philippines by 2028, according to its trade undersecretary Ceferino Rodolfo. The country is also considering taxing nickel ore exports to attract investment in processing facilities.
Chinese firm Huayou Cobalt says it may establish a processing facility in partnership with a Philippine miner.
In 2023, the Philippines exported a total of over 40mt of nickel ores and concentrates with a total value of over $1 billion globally, ranking the first in both export quantity and value, according to data from the World Bank.
According to data by the Mines and Geosciences Bureau of the Philippine Department of Environment and Natural Resources, in 2023, the country produced 35,144,306 dry metric tonnes of nickel ores and the estimated value reached about PHP 66 billion ($1.13 billion).
Source:Kallanish Power Materials
