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As the world’s largest nickel ore supplier for the last seven years, the Philippines continues to dominate the global nickel ore market through 2018 with its highest recorded nickel ore production and nickel export in the world. Nickel ore mining is now one of the most important segments in the country’s overall mining sector, contributing significantly to its economic growth. Despite the ongoing challenges such as the the gradual decrease in demand of nickel ore from major importers including China and the US, as well as reduced nickel ore mines due to government’s shutdowns, the Philippines still remains as the world’s most prestigious nickel ore supplier, whilst the business opportunities with leading nickel ore suppliers in the Philippines are also flourishing.
The growth of global nickel ore production was estimated to rebound in 2017 following consistent year on year decreases since 2014. According to the recent report from USGS, the global nickel ore production reached 2.25 million tons in 2016. BMI Research also reports that the overall nickel ore production around the world is expected to grow by an annual average rate of 2.7% from 2017 to 2021 – when global nickel ore production is set to reach around 2.56 million tons. However, production growth rates during the next five years will remain lower than the 4.5% average rates achieved during 2012-2016, which were boosted by higher nickel prices experienced in 2012-2013, before the commodities slump and Indonesian growth before the export ban in 2014.
Major nickel ore mining countries are currently the Philippines, Russia, Canada, Australia and New Caledonia. The Philippines is expected to remain as the largest nickel ore supplier in the world over the next few years, although its share of the global market will shrink. Indonesia forecasts to be the fastest growing nickel ore supplier in the future. The other major producer will be Australia, which maintains a stable regulatory environment and solid project pipeline. In contrast, Russia, currently the world’s second largest nickel ore supplier, will likely to witness the slowest growth rate of the top five major producing countries in the coming years.
The production of nickel mining in the Philippines has witnessed a dramatic increase since 2011, exceeding the production of old nickel nations such as Australia, Indonesia, and Russia. As indicated by the US Geological Survey, the production of nickel ore in the Philippines achieved an impressive growth rate (CAGR) of 41% between 2009-2014. In 2016, the Philippines produced total 500,000 tons of nickel ore, although the figure was less then its output of 554,000 tons, it’s still the highest output of nickel ore in the world. The significance of nickel ore production and export has helped the Philippines to establish itself as a market leader in mining and exporting of ores and minerals.
In 2017, the government in the Philippines initiated large scale of shutdowns of nickel ore mines due to environmental concerns. As the result, total 23 nickel ore mines were closed. Together, these closed mines account for nearly half of the country’s annual nickel ore output, and around 10% of the world supply. The shutdown also triggered a 2% increase in global nickel prices, which helped the recovery of global nickel market.
When it comes to the nickel ore export, the Philippines is also leading the way with the largest nickel ore export volume. According to the recent data from ITC, the Philippines exported over US$581.9 million worth of nickel ore to the global market in 2016, representing 28.7% of the world’s total nickel ore exports in that year. Most of the Philippines nickel ores are shipped to China, other major importers include Japan, Australia and the US.
The prominence of the nickel ore industry in the Philippines has attracted a significant number of buyers and traders from all over the world. To help your nickel business stays at the top of the industry, BizVibe provides the best solutions to source the products and make the best business deals with the top nickel ore suppliers in the Philippines. Don’t miss your chance to connect with the best industry suppliers, manufacturers, and exporters on BizVibe.
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The Philippines’ top nickel ore suppliers on BizVibe
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