January 22, 2018, 12:45 am
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1 Philippine Peso = 0.07248 UAE Dirham
1 Philippine Peso = 2.15117 Albanian Lek
1 Philippine Peso = 0.03513 Neth Antilles Guilder
1 Philippine Peso = 0.37432 Argentine Peso
1 Philippine Peso = 0.02466 Australian Dollar
1 Philippine Peso = 0.03513 Aruba Florin
1 Philippine Peso = 0.03947 Barbados Dollar
1 Philippine Peso = 1.63391 Bangladesh Taka
1 Philippine Peso = 0.0315 Bulgarian Lev
1 Philippine Peso = 0.00743 Bahraini Dinar
1 Philippine Peso = 34.55654 Burundi Franc
1 Philippine Peso = 0.01974 Bermuda Dollar
1 Philippine Peso = 0.02619 Brunei Dollar
1 Philippine Peso = 0.13539 Bolivian Boliviano
1 Philippine Peso = 0.06307 Brazilian Real
1 Philippine Peso = 0.01974 Bahamian Dollar
1 Philippine Peso = 1.25863 Bhutan Ngultrum
1 Philippine Peso = 0.19114 Botswana Pula
1 Philippine Peso = 395.1056 Belarus Ruble
1 Philippine Peso = 0.03943 Belize Dollar
1 Philippine Peso = 0.02465 Canadian Dollar
1 Philippine Peso = 0.01899 Swiss Franc
1 Philippine Peso = 11.98717 Chilean Peso
1 Philippine Peso = 0.12629 Chinese Yuan
1 Philippine Peso = 56.09039 Colombian Peso
1 Philippine Peso = 11.14821 Costa Rica Colon
1 Philippine Peso = 0.01974 Cuban Peso
1 Philippine Peso = 1.78074 Cape Verde Escudo
1 Philippine Peso = 0.40983 Czech Koruna
1 Philippine Peso = 3.49517 Djibouti Franc
1 Philippine Peso = 0.12017 Danish Krone
1 Philippine Peso = 0.94356 Dominican Peso
1 Philippine Peso = 2.24754 Algerian Dinar
1 Philippine Peso = 0.25256 Estonian Kroon
1 Philippine Peso = 0.34873 Egyptian Pound
1 Philippine Peso = 0.537 Ethiopian Birr
1 Philippine Peso = 0.01614 Euro
1 Philippine Peso = 0.03952 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01424 British Pound
1 Philippine Peso = 0.08955 Ghanaian Cedi
1 Philippine Peso = 0.95481 Gambian Dalasi
1 Philippine Peso = 177.50149 Guinea Franc
1 Philippine Peso = 0.14478 Guatemala Quetzal
1 Philippine Peso = 4.06335 Guyana Dollar
1 Philippine Peso = 0.15424 Hong Kong Dollar
1 Philippine Peso = 0.4645 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.2536 Haiti Gourde
1 Philippine Peso = 4.98796 Hungarian Forint
1 Philippine Peso = 262.6801 Indonesian Rupiah
1 Philippine Peso = 0.06734 Israeli Shekel
1 Philippine Peso = 1.2595 Indian Rupee
1 Philippine Peso = 23.36688 Iraqi Dinar
1 Philippine Peso = 722.49855 Iran Rial
1 Philippine Peso = 2.02684 Iceland Krona
1 Philippine Peso = 2.44306 Jamaican Dollar
1 Philippine Peso = 0.01395 Jordanian Dinar
1 Philippine Peso = 2.18305 Japanese Yen
1 Philippine Peso = 2.02388 Kenyan Shilling
1 Philippine Peso = 1.36803 Kyrgyzstan Som
1 Philippine Peso = 79.05665 Cambodia Riel
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1 Philippine Peso = 17.76199 North Korean Won
1 Philippine Peso = 21.05013 Korean Won
1 Philippine Peso = 0.00592 Kuwaiti Dinar
1 Philippine Peso = 0.01618 Cayman Islands Dollar
1 Philippine Peso = 6.40616 Kazakhstan Tenge
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1 Philippine Peso = 3.03631 Sri Lanka Rupee
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1 Philippine Peso = 0.24018 Lesotho Loti
1 Philippine Peso = 0.06017 Lithuanian Lita
1 Philippine Peso = 0.01225 Latvian Lat
1 Philippine Peso = 0.02645 Libyan Dinar
1 Philippine Peso = 0.1822 Moroccan Dirham
1 Philippine Peso = 0.33221 Moldovan Leu
1 Philippine Peso = 0.99072 Macedonian Denar
1 Philippine Peso = 26.54431 Myanmar Kyat
1 Philippine Peso = 47.6416 Mongolian Tugrik
1 Philippine Peso = 0.15887 Macau Pataca
1 Philippine Peso = 6.94691 Mauritania Ougulya
1 Philippine Peso = 0.64535 Mauritius Rupee
1 Philippine Peso = 0.3059 Maldives Rufiyaa
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1 Philippine Peso = 0.36718 Mexican Peso
1 Philippine Peso = 0.07768 Malaysian Ringgit
1 Philippine Peso = 0.24178 Namibian Dollar
1 Philippine Peso = 7.06532 Nigerian Naira
1 Philippine Peso = 0.6045 Nicaragua Cordoba
1 Philippine Peso = 0.15516 Norwegian Krone
1 Philippine Peso = 2.01397 Nepalese Rupee
1 Philippine Peso = 0.02711 New Zealand Dollar
1 Philippine Peso = 0.00759 Omani Rial
1 Philippine Peso = 0.01974 Panama Balboa
1 Philippine Peso = 0.06337 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17782 Pakistani Rupee
1 Philippine Peso = 0.06737 Polish Zloty
1 Philippine Peso = 110.75588 Paraguayan Guarani
1 Philippine Peso = 0.07183 Qatar Rial
1 Philippine Peso = 0.07523 Romanian New Leu
1 Philippine Peso = 1.11021 Russian Rouble
1 Philippine Peso = 16.49398 Rwanda Franc
1 Philippine Peso = 0.07401 Saudi Arabian Riyal
1 Philippine Peso = 0.15294 Solomon Islands Dollar
1 Philippine Peso = 0.26317 Seychelles Rupee
1 Philippine Peso = 0.13811 Sudanese Pound
1 Philippine Peso = 0.15903 Swedish Krona
1 Philippine Peso = 0.02605 Singapore Dollar
1 Philippine Peso = 0.01423 St Helena Pound
1 Philippine Peso = 0.43825 Slovak Koruna
1 Philippine Peso = 150.5822 Sierra Leone Leone
1 Philippine Peso = 11.09138 Somali Shilling
1 Philippine Peso = 395.67793 Sao Tome Dobra
1 Philippine Peso = 0.17269 El Salvador Colon
1 Philippine Peso = 10.16341 Syrian Pound
1 Philippine Peso = 0.24082 Swaziland Lilageni
1 Philippine Peso = 0.62838 Thai Baht
1 Philippine Peso = 0.04813 Tunisian Dinar
1 Philippine Peso = 0.04392 Tongan paʻanga
1 Philippine Peso = 0.07512 Turkish Lira
1 Philippine Peso = 0.1331 Trinidad Tobago Dollar
1 Philippine Peso = 0.57902 Taiwan Dollar
1 Philippine Peso = 44.22736 Tanzanian Shilling
1 Philippine Peso = 0.56937 Ukraine Hryvnia
1 Philippine Peso = 71.46241 Ugandan Shilling
1 Philippine Peso = 0.01974 United States Dollar
1 Philippine Peso = 0.56325 Uruguayan New Peso
1 Philippine Peso = 160.3513 Uzbekistan Sum
1 Philippine Peso = 0.19686 Venezuelan Bolivar
1 Philippine Peso = 447.97712 Vietnam Dong
1 Philippine Peso = 2.03691 Vanuatu Vatu
1 Philippine Peso = 0.0496 Samoa Tala
1 Philippine Peso = 10.5818 CFA Franc (BEAC)
1 Philippine Peso = 0.05329 East Caribbean Dollar
1 Philippine Peso = 10.49813 CFA Franc (BCEAO)
1 Philippine Peso = 1.92441 Pacific Franc
1 Philippine Peso = 4.9329 Yemen Riyal
1 Philippine Peso = 0.24034 South African Rand
1 Philippine Peso = 102.41761 Zambian Kwacha
1 Philippine Peso = 7.14229 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
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