Philippines’ Nickel Asia lifts 1Q nickel ore sales

Nickel Asia, the largest lateritic nickel ore producer in the Philippines, raised its nickel ore sales by 1.4pc on the year during January-March in response to higher demand from China.

Its exports also climbed by 20pc from a year earlier over the three-month period. The company's high-grade nickel ore, a major feedstock in the stainless steel sector, is mainly exported to the Chinese and Japanese markets.

Nickel Asia attributed increases in its average prices to higher demand from outside the country, with China forced to source material from the Philippines after Indonesia banned nickel ore exports from the start of last year. China imported 4mn t of nickel ore from the Philippines during January-March, up by 27.4pc from a year earlier.

The firm sold 18.2mn wmt of nickel ore last year, of which 10.02mn t was exported to China and Japan.

China imported 39.1mn t of nickel ore last year, down by 30.3pc from a year earlier because of Indonesia's export restrictions. Of the total, 81pc came from the Philippines compared with a share of 65pc in 2019.