June 23, 2017, 12:32 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 Zimbabwe dollar

Nickel markets can shrug off any PH mining ban

By CLYDE RUSSELL

LAUNCESTON, Australia - Just how worried should nickel markets be about the latest threats by President Duterte to stop all mining in the world’s biggest exporter of the metal ore? Probably not too much.

The reason to be relatively sanguine about the prospects for nickel supply isn’t that Duterte is unlikely to follow up on his latest threat, although he may not.

It’s that even if he does, the market is likely to be able to cope with the loss of Philippine nickel ore, despite having to make some short-term adjustments.

In the latest twist to Duterte’s ongoing battle with his country’s miners, the bombastic and populist leader accused them of funding efforts to destabilize his government, and mooted a total ban on mining. 

Duterte told a March 13 media briefing that he was looking at a total mining ban “and then we’ll talk”, referring to miners.

The Philippine leader has said his Southeast Asian nation can live without a mining industry, and in broad terms he is correct, with the sector contributing just 0.6 percent directly to gross domestic product in 2016, according to data from the government’s Mines and Geosciences Bureau.

While mining will make a bigger overall contribution to the economy once the services it consumes and the employment it provides are factored in, it’s likely true that the Philippines can live without a mining sector.

But can nickel markets live without the Philippines, particularly China, the destination of the bulk of the Philippines’ exports of unrefined ore.

The short answer is most likely yes, with the experience of Indonesia’s ban on its nickel ore exports in 2014 being instructive.

Indonesia banned the export of several unrefined metal ores in January 2014 in a bid to encourage miners and customers to invest in a domestic processing industry.

The price of benchmark nickel in London CMNI3 surged some 57 percent from early January in 2014 to May of that year, but then embarked on a downward trajectory, before recovering last year in line with a more general rally in commodity prices.

The reason for the price surge was the fear that the loss of Indonesian supplies would substantially tighten the nickel market, but the rally faltered once it become clear that Chinese nickel producers could access alternative suppliers.

One of the main alternatives was the Philippines, which ramped up its exports of nickel ore to China as Indonesia’s dropped to zero by 2016.

But China has been buying less Philippine nickel ore in recent years, with purchases falling 5.9 percent in 2015 to 34.28 million tons and dwindling another 11 percent in 2016 to 30.53 million tons.

The Philippines still dominates China’s imports of nickel ore, accounting for 95 percent of the total, but China is also buying less nickel ore overall, with total imports slipping 9 percent in 2016 to 32.1 million tons.

China is still getting all of the nickel it needs, simply by increasing the amount it buys in more refined forms.

Chinese customs classifies nickel imports into refined nickel and alloy, ores and concentrates, and ferronickel.

Imports of ferronickel surged 60 percent in 2016 from the prior year, with Indonesia storming back with a 250 percent increase to 747.097 tons, a 71 percent share.

It’s worth noting that Indonesian ferronickel isn’t actually the same as supplies from other countries, being less refined and having a lower concentrate of nickel, as can be seen by Chinese customs data that showed in December it was less than half the price of cargoes from New Caledonia, the second-biggest supplier.

What has effectively happened is that the Philippines initially replaced Indonesia in supplying nickel ores to top buyer China, but now China is increasingly turning to low quality Indonesian ferronickel.

This will have implications for the workings of Chinese nickel pig iron producers, but overall it seems that China is far from short of the metal used to make stainless steel and other corrosion-resistant alloys.

A further sign of comfort in the Chinese nickel market is that inventories monitored by the Shanghai Futures Exchange are still at relatively high levels.

In the week ended March 13 nickel stocks were 80,795 tons, down from the peak in August last year of 111,359, but still well above the 43,708 recorded at the start of 2016.

It’s also possible that Indonesia will resume exports of nickel ore after the government introduced new regulations that allow miners to export some unprocessed ore if they are using the capacity at their refineries.

While it’s far from certain as to how much nickel ore Indonesia may export, an official at the mines ministry suggested last year it could be as much as 15 million tons in 2017, about a quarter of the amount the country shipped out in 2013, the year before the ban was imposed.

It’s also about half of what the Philippines shipped to China last year.

If Indonesia does increase exports of nickel ore, while maintaining those of its low-grade ferronickel, the risk is that the market will be oversupplied, irrespective or whether the Philippines bans mining or not.

In some ways Indonesia and the Philippines have been playing an unwitting game of political tag when it comes to nickel markets, alternately tightening or boosting supply and altering the form in which nickel reaches China.

But the nickel market has shown it can cope with the inconsistent politics of Indonesia and the Philippines. – Reuters
Category: 
Rating: 
No votes yet

Column of the Day

The hidden danger in Marawi

By JOSE BAYANI BAYLON | June 23,2017
‘What was supposed to be a simple police action has turned out to be the most serious military operation to date in the Duterte administration.’

Opinion of the Day

Metabolism: Why dieting fails

By DAHLI ASPILLERA | June 23, 2017
‘My doctor said that both hands lifting a gallon-size pail up to shoulder height daily can help my body’s fat-burning ability.’