The Philippines exported 4.79mn of nickel ore in May, indicating a rise of 6pc from the prior year. Exports rose on the back of high Chinese imports, which accounted for 98pc of total Philippines exports in May.
China is the largest consumer of nickel and the largest producers of stainless steel. China’s economic growth and recovery began in early May which boosted its stainless steel sector. China’s nickel ore imports from Philippines rose by 10pc to 4.74mn mt from the prior year.
Philippines exported 51,500mt of nickel to Japan, down 74pc from the prior year as Japanese economy struggled to recover amid COVID-19 disruptions. Japan accounted for 1pc of Philippines’ total nickel ore exports.
Philippines exports to China increased by four-folds compared to prior month (April), which can be majorly attributed to high SS demand in China.