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Nickel Production in Philippines to Shrink in 2020

Metal News - Published on Mon, 29 Jun 2020

Image Source: Nickel Production Philippines
Philippines may see a further decline in nickel production this year amid a possible global recession due to COVID-19 pandemic. Philippine Nickel Industry Association president & president of Global Ferronickel Holdings Inc Mr Dante Bravo said that while it is hard to make forecasts in numbers for the country’s nickel industry, uncertainties clearly loom for the industry given the possible global recession and less exports of stainless steel coming from China. He said “We cannot expect much on the prices of ore to go up further. With less demand, the country’s nickel output will also likely be down. Nickel miners are already able to adjust to the new normal and resume operations. But the London Metal Exchange price for pure nickel has remained relatively steady at above USD 12,000 per tonne. This means the overall sentiment is still not so optimistic because of this pandemic.”

He however added “Generally, the industry is profitable. the current demand for nickel ore in China is still quite good, hence, prices of ore are better than last year. In addition, oil prices have gone down and this helped our contractors.”

China is Philippines’ top market for nickel ore, which is used in the production of stainless steel.

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Posted By : Yogender Pancholi on Mon, 29 Jun 2020
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