The Philippines could be an alternative metal supplier should major producers like Indonesia decide to declare an export ban, global market research firm IHS Markit said.
In a report by BusinessWorld, IHS Markit Associate Director of Pricing and Purchasing Amanda Eglinton said that the country can fill supply gaps in the event Indonesia declares another ban on ore exports.
72% of all nickel productions are used to manufacture stainless steel, while the remaining seven percent is used for electric vehicle batteries.
Eglinton said that the battery sector can soon dominate the growth in nickel consumption.
She added that the Philippines and Indonesia are the top producers of mined nickel globally, making the Philippines “well-positioned” to produce metals required in making electric vehicles and battery supply chains.
Meanwhile, IHS Markit Director John Mothersole said that the Philippines can be at par with other markets because of its strategic location, and with additional investing in smelting and refining capacity.
As the demand for “green metals” like nickel, cobalt, and copper rises, Trade Usec. Ceferino Rodolfo said that the country looks to maximize the opportunities in the global market as it heads towards a greener economy.
In another BusinessWorld report, Chamber of Mines of the Philippines Chairman Atty. Michael Toledo said that supporting green technology will be a key product for the mining industry as the country is rich in copper and nickel bodes, which could make the Philippines become a major supplier of minerals.
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