The Philippines for at least 10 mines shut down total 55 nickel mines shut down production. 5%
last Monday, Reuters reported that the Philippines is likely to remain on the grounds that the violation of environmental regulations, further shut down at least 10 mines. Source did not specify will shut down several nickel, Reuters article saying it will threaten the country's half of the operations of nickel ore.
Reuters reported that the Philippines environment and natural resources minister Regina Lopez, said on Thursday to release the inspection results of 40 metal field, some mines may be forced out of business. When asked whether to shut down 10 or more mines, reply she said there's a possibility.
Reuters quoted the Philippines, the second largest nickel producer Global Ferronickel President Dante Bravo, warned of more mines were shut down will lead to the interruption of supply to markets such as China.
since early July start mining consolidation, the Philippines 27 nickel mine in more than eight have been temporarily closed, production capacity in the reduced by about 10% of the country.
in the general election in June the high ticket was elected President of the Philippines Rodrigo Duterte is a hardline. He warned of the mining industry at the beginning of last month, or to comply with more stringent environmental regulations, or shut down the mine, saying the Philippines no ability to live for the mining industry. In 2015, the mining industry in the Philippines contribute less than 1% of GDP.
Wood Mackenzie analyst Andrew Mitchell had analysis, & other; If the Philippines is shut down its mining industry, the fact that high inventory is not important, the market will only rocket to rise. ”
as a top laterite nickel ore suppliers at present, the Philippines, the environmental protection overhaul inspection greatly influenced nickel prices around the world, makes it one of the best commodities this year. Nickel in London July monthly rise as high as 13%, and hit on August 10, 11030 year high, a late last year rose 25%.
the Philippines is China's largest source of nickel, nickel to produce stainless steel. After undressed ore export ban in Indonesia, China is highly dependent on nickel mine in the Philippines.
the consolidation in the mining action obviously affected Chinese imports. According to the General Administration of Customs, China's imports from the Philippines in July 316. 30000 tons of nickel ore and concentrate, reduced compared to 35. 9%. This year 1 - July imports totaled 13. 84 million tons, year-on-year decline in 27. 3%. Last year, a total of 34 million tonnes of nickel ore exports to China in the Philippines.
in addition to the government environmental protection inspection action will affect prices, the Philippines will start in October in the rainy season will also affect the country's nickel ore exports.