November 18, 2017, 10:53 am
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1 Philippine Peso = 0.07227 UAE Dirham
1 Philippine Peso = 2.22452 Albanian Lek
1 Philippine Peso = 0.03503 Neth Antilles Guilder
1 Philippine Peso = 0.34355 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03503 Aruba Florin
1 Philippine Peso = 0.03935 Barbados Dollar
1 Philippine Peso = 1.64187 Bangladesh Taka
1 Philippine Peso = 0.0327 Bulgarian Lev
1 Philippine Peso = 0.00742 Bahraini Dinar
1 Philippine Peso = 34.29713 Burundi Franc
1 Philippine Peso = 0.01968 Bermuda Dollar
1 Philippine Peso = 0.02667 Brunei Dollar
1 Philippine Peso = 0.13499 Bolivian Boliviano
1 Philippine Peso = 0.0645 Brazilian Real
1 Philippine Peso = 0.01968 Bahamian Dollar
1 Philippine Peso = 1.28247 Bhutan Ngultrum
1 Philippine Peso = 0.20681 Botswana Pula
1 Philippine Peso = 393.93939 Belarus Ruble
1 Philippine Peso = 0.03931 Belize Dollar
1 Philippine Peso = 0.02511 Canadian Dollar
1 Philippine Peso = 0.01951 Swiss Franc
1 Philippine Peso = 12.40988 Chilean Peso
1 Philippine Peso = 0.13051 Chinese Yuan
1 Philippine Peso = 59.13813 Colombian Peso
1 Philippine Peso = 11.08422 Costa Rica Colon
1 Philippine Peso = 0.01968 Cuban Peso
1 Philippine Peso = 1.83943 Cape Verde Escudo
1 Philippine Peso = 0.42677 Czech Koruna
1 Philippine Peso = 3.47954 Djibouti Franc
1 Philippine Peso = 0.12411 Danish Krone
1 Philippine Peso = 0.94451 Dominican Peso
1 Philippine Peso = 2.25075 Algerian Dinar
1 Philippine Peso = 0.2609 Estonian Kroon
1 Philippine Peso = 0.34652 Egyptian Pound
1 Philippine Peso = 0.53227 Ethiopian Birr
1 Philippine Peso = 0.01667 Euro
1 Philippine Peso = 0.04117 Fiji Dollar
1 Philippine Peso = 0.0149 Falkland Islands Pound
1 Philippine Peso = 0.01491 British Pound
1 Philippine Peso = 0.0895 Ghanaian Cedi
1 Philippine Peso = 0.92483 Gambian Dalasi
1 Philippine Peso = 177.2137 Guinea Franc
1 Philippine Peso = 0.14447 Guatemala Quetzal
1 Philippine Peso = 4.05313 Guyana Dollar
1 Philippine Peso = 0.15372 Hong Kong Dollar
1 Philippine Peso = 0.46232 Honduras Lempira
1 Philippine Peso = 0.12613 Croatian Kuna
1 Philippine Peso = 1.21291 Haiti Gourde
1 Philippine Peso = 5.19481 Hungarian Forint
1 Philippine Peso = 266.09603 Indonesian Rupiah
1 Philippine Peso = 0.06915 Israeli Shekel
1 Philippine Peso = 1.27847 Indian Rupee
1 Philippine Peso = 22.9634 Iraqi Dinar
1 Philippine Peso = 693.36875 Iran Rial
1 Philippine Peso = 2.02755 Iceland Krona
1 Philippine Peso = 2.47068 Jamaican Dollar
1 Philippine Peso = 0.01392 Jordanian Dinar
1 Philippine Peso = 2.21558 Japanese Yen
1 Philippine Peso = 2.03994 Kenyan Shilling
1 Philippine Peso = 1.37194 Kyrgyzstan Som
1 Philippine Peso = 79.10272 Cambodia Riel
1 Philippine Peso = 8.33333 Comoros Franc
1 Philippine Peso = 17.70956 North Korean Won
1 Philippine Peso = 21.5429 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01614 Cayman Islands Dollar
1 Philippine Peso = 6.52952 Kazakhstan Tenge
1 Philippine Peso = 163.2625 Lao Kip
1 Philippine Peso = 29.73239 Lebanese Pound
1 Philippine Peso = 3.02145 Sri Lanka Rupee
1 Philippine Peso = 2.44392 Liberian Dollar
1 Philippine Peso = 0.27873 Lesotho Loti
1 Philippine Peso = 0.05999 Lithuanian Lita
1 Philippine Peso = 0.01221 Latvian Lat
1 Philippine Peso = 0.02676 Libyan Dinar
1 Philippine Peso = 0.18535 Moroccan Dirham
1 Philippine Peso = 0.34406 Moldovan Leu
1 Philippine Peso = 1.02145 Macedonian Denar
1 Philippine Peso = 26.82015 Myanmar Kyat
1 Philippine Peso = 48.01181 Mongolian Tugrik
1 Philippine Peso = 0.15831 Macau Pataca
1 Philippine Peso = 6.91558 Mauritania Ougulya
1 Philippine Peso = 0.66706 Mauritius Rupee
1 Philippine Peso = 0.30638 Maldives Rufiyaa
1 Philippine Peso = 14.09681 Malawi Kwacha
1 Philippine Peso = 0.37473 Mexican Peso
1 Philippine Peso = 0.08186 Malaysian Ringgit
1 Philippine Peso = 0.27564 Namibian Dollar
1 Philippine Peso = 7.02479 Nigerian Naira
1 Philippine Peso = 0.60232 Nicaragua Cordoba
1 Philippine Peso = 0.16201 Norwegian Krone
1 Philippine Peso = 2.03758 Nepalese Rupee
1 Philippine Peso = 0.02897 New Zealand Dollar
1 Philippine Peso = 0.00757 Omani Rial
1 Philippine Peso = 0.01968 Panama Balboa
1 Philippine Peso = 0.06374 Peruvian Nuevo Sol
1 Philippine Peso = 0.06312 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.07261 Pakistani Rupee
1 Philippine Peso = 0.07062 Polish Zloty
1 Philippine Peso = 111.06651 Paraguayan Guarani
1 Philippine Peso = 0.07477 Qatar Rial
1 Philippine Peso = 0.07746 Romanian New Leu
1 Philippine Peso = 1.16854 Russian Rouble
1 Philippine Peso = 16.37721 Rwanda Franc
1 Philippine Peso = 0.07379 Saudi Arabian Riyal
1 Philippine Peso = 0.15368 Solomon Islands Dollar
1 Philippine Peso = 0.26269 Seychelles Rupee
1 Philippine Peso = 0.13104 Sudanese Pound
1 Philippine Peso = 0.16586 Swedish Krona
1 Philippine Peso = 0.02669 Singapore Dollar
1 Philippine Peso = 0.01491 St Helena Pound
1 Philippine Peso = 0.43695 Slovak Koruna
1 Philippine Peso = 149.94097 Sierra Leone Leone
1 Philippine Peso = 10.99961 Somali Shilling
1 Philippine Peso = 408.72688 Sao Tome Dobra
1 Philippine Peso = 0.17218 El Salvador Colon
1 Philippine Peso = 10.13341 Syrian Pound
1 Philippine Peso = 0.2756 Swaziland Lilageni
1 Philippine Peso = 0.64542 Thai Baht
1 Philippine Peso = 0.04872 Tunisian Dinar
1 Philippine Peso = 0.04538 Tongan paʻanga
1 Philippine Peso = 0.07647 Turkish Lira
1 Philippine Peso = 0.13045 Trinidad Tobago Dollar
1 Philippine Peso = 0.59144 Taiwan Dollar
1 Philippine Peso = 43.97875 Tanzanian Shilling
1 Philippine Peso = 0.52076 Ukraine Hryvnia
1 Philippine Peso = 71.36954 Ugandan Shilling
1 Philippine Peso = 0.01968 United States Dollar
1 Philippine Peso = 0.57989 Uruguayan New Peso
1 Philippine Peso = 158.20543 Uzbekistan Sum
1 Philippine Peso = 0.19628 Venezuelan Bolivar
1 Philippine Peso = 446.89099 Vietnam Dong
1 Philippine Peso = 2.12515 Vanuatu Vatu
1 Philippine Peso = 0.05043 Samoa Tala
1 Philippine Peso = 10.9329 CFA Franc (BEAC)
1 Philippine Peso = 0.05313 East Caribbean Dollar
1 Philippine Peso = 10.93861 CFA Franc (BCEAO)
1 Philippine Peso = 1.9754 Pacific Franc
1 Philippine Peso = 4.91834 Yemen Riyal
1 Philippine Peso = 0.27568 South African Rand
1 Philippine Peso = 102.11531 Zambian Kwacha
1 Philippine Peso = 7.12121 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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