Philippines being the top supplier to China's producers of nickel pig iron, (a key ingredient in stainless steel) threatens global supply of Nickel as it shutdown mines.
With the Philippines shutting down mines that don't meet environmental standards, the world faces a nickel shortage.
As of this moment there is a ripple of bullish expectation running through the nickel market. Goldman Sachs speculates Nickel price may shoot up to $12000 per metric ton. Just recently July 18 saw 9% price hike in nickel.
In a press statement, Environment secretary Ms Gina Lopez warned Chinese miners in PH to stay compliant with environmental laws. She said she won’t hesitate to kick them out if they don’t. She vowed to crack down on those who do not comply with environmental safety regulations.
Five mining companies have been suspended by Lopez since she took office two weeks ago; with four of them exporting products to China.
Sources: http://www.reuters.com/article/us-philippines-mining-ahome-idUSKCN0ZD2AQ
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