 |
| SHFE |
Nickel futures jump over 2% as supply risks resurface ahead of Senate bill review.
SHFE nickel prices surged during the night session on Friday and continued their rally into Monday’s daytime session, with the most-traded contract climbing over 2%, according to SMM.
The upward movement follows renewed market concerns over a potential nickel ore export ban from the Philippines, the world’s top supplier of raw nickel ore to China. Reports circulated that the Philippine government intends to implement the ban starting June 2025. Although the market has been speculating about this policy since early 2025, recent developments have reignited volatility.
On February 3, 2025, the Philippine Senate passed a bill banning nickel ore exports, but the measure has yet to become law. It is currently undergoing bicameral review, with further deliberations expected when Congress reconvenes in June.
The uncertainty surrounding the bill’s passage is causing market jitters. China’s stainless steel and battery-grade nickel industries are particularly sensitive to disruptions in nickel ore flow from the Philippines, which accounts for the majority of the country’s laterite ore imports.
While the export ban is not yet finalized, its potential implementation is viewed as a supply-side shock, driving speculative buying and pushing futures prices higher.
Tags
RAREMETAL
