April 30, 2017, 12:58 pm
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1 Philippine Peso = 0.07338 UAE Dirham
1 Philippine Peso = 2.47153 Albanian Lek
1 Philippine Peso = 0.03551 Neth Antilles Guilder
1 Philippine Peso = 0.30767 Argentine Peso
1 Philippine Peso = 0.0267 Australian Dollar
1 Philippine Peso = 0.03576 Aruba Florin
1 Philippine Peso = 0.03996 Barbados Dollar
1 Philippine Peso = 1.62058 Bangladesh Taka
1 Philippine Peso = 0.03591 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.97123 Burundi Franc
1 Philippine Peso = 0.01998 Bermuda Dollar
1 Philippine Peso = 0.02787 Brunei Dollar
1 Philippine Peso = 0.13766 Bolivian Boliviano
1 Philippine Peso = 0.06313 Brazilian Real
1 Philippine Peso = 0.01998 Bahamian Dollar
1 Philippine Peso = 1.28122 Bhutan Ngultrum
1 Philippine Peso = 0.20824 Botswana Pula
1 Philippine Peso = 400.00001 Belarus Ruble
1 Philippine Peso = 0.03992 Belize Dollar
1 Philippine Peso = 0.02724 Canadian Dollar
1 Philippine Peso = 0.01979 Swiss Franc
1 Philippine Peso = 13.24575 Chilean Peso
1 Philippine Peso = 0.13775 Chinese Yuan
1 Philippine Peso = 58.71728 Colombian Peso
1 Philippine Peso = 11.01139 Costa Rica Colon
1 Philippine Peso = 0.01998 Cuban Peso
1 Philippine Peso = 2.01439 Cape Verde Escudo
1 Philippine Peso = 0.49203 Czech Koruna
1 Philippine Peso = 3.51329 Djibouti Franc
1 Philippine Peso = 0.13587 Danish Krone
1 Philippine Peso = 0.94126 Dominican Peso
1 Philippine Peso = 2.18054 Algerian Dinar
1 Philippine Peso = 0.28573 Estonian Kroon
1 Philippine Peso = 0.36064 Egyptian Pound
1 Philippine Peso = 0.45667 Ethiopian Birr
1 Philippine Peso = 0.01826 Euro
1 Philippine Peso = 0.04187 Fiji Dollar
1 Philippine Peso = 0.01546 Falkland Islands Pound
1 Philippine Peso = 0.01544 British Pound
1 Philippine Peso = 0.08339 Ghanaian Cedi
1 Philippine Peso = 0.88012 Gambian Dalasi
1 Philippine Peso = 183.86813 Guinea Franc
1 Philippine Peso = 0.14668 Guatemala Quetzal
1 Philippine Peso = 4.08292 Guyana Dollar
1 Philippine Peso = 0.1554 Hong Kong Dollar
1 Philippine Peso = 0.46693 Honduras Lempira
1 Philippine Peso = 0.13577 Croatian Kuna
1 Philippine Peso = 1.35684 Haiti Gourde
1 Philippine Peso = 5.7015 Hungarian Forint
1 Philippine Peso = 266.45355 Indonesian Rupiah
1 Philippine Peso = 0.07222 Israeli Shekel
1 Philippine Peso = 1.28482 Indian Rupee
1 Philippine Peso = 23.5964 Iraqi Dinar
1 Philippine Peso = 648.13188 Iran Rial
1 Philippine Peso = 2.12587 Iceland Krona
1 Philippine Peso = 2.56723 Jamaican Dollar
1 Philippine Peso = 0.01416 Jordanian Dinar
1 Philippine Peso = 2.22689 Japanese Yen
1 Philippine Peso = 2.05694 Kenyan Shilling
1 Philippine Peso = 1.34302 Kyrgyzstan Som
1 Philippine Peso = 80.01199 Cambodia Riel
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1 Philippine Peso = 17.98202 North Korean Won
1 Philippine Peso = 22.74046 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01638 Cayman Islands Dollar
1 Philippine Peso = 6.28332 Kazakhstan Tenge
1 Philippine Peso = 163.51649 Lao Kip
1 Philippine Peso = 30.09391 Lebanese Pound
1 Philippine Peso = 3.03696 Sri Lanka Rupee
1 Philippine Peso = 1.81818 Liberian Dollar
1 Philippine Peso = 0.26693 Lesotho Loti
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1 Philippine Peso = 0.0124 Latvian Lat
1 Philippine Peso = 0.02813 Libyan Dinar
1 Philippine Peso = 0.1977 Moroccan Dirham
1 Philippine Peso = 0.38132 Moldovan Leu
1 Philippine Peso = 1.11848 Macedonian Denar
1 Philippine Peso = 27.13287 Myanmar Kyat
1 Philippine Peso = 48.19181 Mongolian Tugrik
1 Philippine Peso = 0.16005 Macau Pataca
1 Philippine Peso = 7.13467 Mauritania Ougulya
1 Philippine Peso = 0.69331 Mauritius Rupee
1 Philippine Peso = 0.30689 Maldives Rufiyaa
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1 Philippine Peso = 0.38017 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.26573 Namibian Dollar
1 Philippine Peso = 6.28372 Nigerian Naira
1 Philippine Peso = 0.59521 Nicaragua Cordoba
1 Philippine Peso = 0.17029 Norwegian Krone
1 Philippine Peso = 2.03996 Nepalese Rupee
1 Philippine Peso = 0.02907 New Zealand Dollar
1 Philippine Peso = 0.00769 Omani Rial
1 Philippine Peso = 0.01998 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06333 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09251 Pakistani Rupee
1 Philippine Peso = 0.07709 Polish Zloty
1 Philippine Peso = 111.06893 Paraguayan Guarani
1 Philippine Peso = 0.07275 Qatar Rial
1 Philippine Peso = 0.08271 Romanian New Leu
1 Philippine Peso = 1.1388 Russian Rouble
1 Philippine Peso = 16.36144 Rwanda Franc
1 Philippine Peso = 0.07493 Saudi Arabian Riyal
1 Philippine Peso = 0.15666 Solomon Islands Dollar
1 Philippine Peso = 0.27063 Seychelles Rupee
1 Philippine Peso = 0.13306 Sudanese Pound
1 Philippine Peso = 0.17603 Swedish Krona
1 Philippine Peso = 0.02788 Singapore Dollar
1 Philippine Peso = 0.01547 St Helena Pound
1 Philippine Peso = 0.44368 Slovak Koruna
1 Philippine Peso = 148.85115 Sierra Leone Leone
1 Philippine Peso = 10.96903 Somali Shilling
1 Philippine Peso = 447.57244 Sao Tome Dobra
1 Philippine Peso = 0.17427 El Salvador Colon
1 Philippine Peso = 10.28931 Syrian Pound
1 Philippine Peso = 0.26494 Swaziland Lilageni
1 Philippine Peso = 0.69131 Thai Baht
1 Philippine Peso = 0.04823 Tunisian Dinar
1 Philippine Peso = 0.04623 Tongan paʻanga
1 Philippine Peso = 0.07099 Turkish Lira
1 Philippine Peso = 0.13406 Trinidad Tobago Dollar
1 Philippine Peso = 0.60376 Taiwan Dollar
1 Philippine Peso = 44.53547 Tanzanian Shilling
1 Philippine Peso = 0.52997 Ukraine Hryvnia
1 Philippine Peso = 72.76723 Ugandan Shilling
1 Philippine Peso = 0.01998 United States Dollar
1 Philippine Peso = 0.56084 Uruguayan New Peso
1 Philippine Peso = 73.94606 Uzbekistan Sum
1 Philippine Peso = 0.19929 Venezuelan Bolivar
1 Philippine Peso = 454.32568 Vietnam Dong
1 Philippine Peso = 2.15265 Vanuatu Vatu
1 Philippine Peso = 0.05182 Samoa Tala
1 Philippine Peso = 11.97263 CFA Franc (BEAC)
1 Philippine Peso = 0.05395 East Caribbean Dollar
1 Philippine Peso = 12 CFA Franc (BCEAO)
1 Philippine Peso = 2.17123 Pacific Franc
1 Philippine Peso = 4.99201 Yemen Riyal
1 Philippine Peso = 0.26515 South African Rand
1 Philippine Peso = 103.68632 Zambian Kwacha
1 Philippine Peso = 7.23077 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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