Nickel prices could face downward pressure from slowing Chinese consumption and a production boost from cheap ore imports from Indonesia. BMI Research says the commodity’s supplies could return to surplus this year as China’s imports of nickel ore from Philippines, the world’s largest such supplier, slumped 53% from a year earlier amid a mining clampdown to prevent environment damage. But China’s ore imports from Indonesia, which recently relaxed an export ban, rebounded last month, according to Argonaut. Three-month nickel prices on the London Metal Exchange are down 0.7% at $10,970/ton.
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