The Philippine Government is considering a ban on raw nickel ore exports to boost its domestic processing industry, which could lead to higher international nickel prices.
Manila (VNA) –🌜 The Philippine Government is considering a ban on raw nickel ore exports to boost its domestic processing industry.
Philippine Senate President Francis Escudero recently stated that the Philippines’ Congress could ratify a bill banning raw mineral exports as soon as June. If enacted, the ban is expected to take effect in five years to give miners the time to establish processing facilities within the country.
The Philippines’ possible nickel ore export ban is “a cause for concern” for Indonesia’s smelter industry, experts have said.
Statistics Indonesia (BPS) data shows that Indonesia imported over 10.47 million tonnes of nickel ore last year, which skyrocketed from just 374,468 tonnes in the previous year. Some 97% of nickel ore imports last year came from the Philippines.
Experts have warned that a Philippine nickel export ban could lead to higher international nickel prices, which would translate to a rise in raw material costs for Indonesia’s processing industry and decreased profitability.
Analysts have also suggested that Indonesia could face more competition for investment in the commodity if the Philippines’ nickel export ban helps cultivate its own processing industry./.
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