The two biggest nickel miners in the Philippines, Nickel Asia Corp and Global Ferronickel Holdings Inc, on Tuesday said prices for the metal would be robust this year due to growing demand from China.
The Philippines is the world’s top supplier of nickel ore, used to help make stainless steel, with China its No.1 market.
“The company’s prospects remain optimistic driven by strong stainless steel demand in China,” Global Ferronickel President Dante Bravo said in a statement released with the company’s export outlook for this year.
Benchmark nickel prices stood around $10,155 a tonne on Tuesday, but forecasts from the likes of the World Bank show they could average around $11,000 in 2017. That would compare to around $9,500 last year.
The nation’s largest ore producer, Nickel Asia, said in its own statement that prices had held up “very well” in the first quarter and would likely remain firm due to low inventory levels in China.
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