By Mai Nguyen and Siyi Liu (Reuters) - Nickel smelters in top producer Indonesia are making rare purchases of ore from the Philippines to ease tight ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch on - Nickel smelters in top producer Indonesia are making rare purchases of ore from the Philippines to ease tight supplies, people familiar with the matter said, upending trade flows of the raw material and pushing up costs across the supply chain.
Some firms are now buying ore from neighbouring Philippines, the world's No. 2 supplier, in the event that new mining quotas are further delayed, said three smelter managers, two nickel traders and a Chinese analyst. The person did not specify how much the smelter is buying but said the purchases are of low-grade limonite ore.
But imports from the Philippines only started in May, and all arrived at Morowali port in a huge nickel processing park run partly by Chinese nickel giant Tsingshan Group, the Indonesian data showed.Volumes in the first half from the Philippines were less than 1,000 tons in nickel content compared to Indonesia's 1.6 million tons mined last year, data from the Indonesian government and the International Nickel Study Group showed.
Indonesia exported much of its ore before a 2020 ban halted all shipments and attracted billions of dollars worth of investment in nickel smelting, mostly from Chinese companies.
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