The Philippines earned more than USD 600 million from nickel shipments in the first half of 2025, even as global prices for the metal fell to their lowest in five years, Business Mirror reported.
Citing figures from the Philippine Statistics Authority (PSA), the report said shipments of nickel ores and concentrates hit USD 606.15 million from January to June, up 46% from USD 414.76 million in the same period last year.
Export volumes also improved, climbing to 20.66 million metric tons (MMT) from 19.83 MMT a year earlier.
China accounted for the bulk of purchases at USD 421.71 million, while Indonesia followed with USD 181.14 million. These two countries continue to dominate demand for Philippine nickel, used in both stainless steel and battery production.
The strong export performance came despite a weak international market. The World Bank noted that prices slid to about USD 15,500 per metric ton in the first quarter, the lowest since 2020, due to oversupply and swelling inventories at the London Metal Exchange.
Indonesia, now producing over half of the world’s nickel, has expanded output rapidly with the help of China-backed smelters and state incentives. The surge has pulled down prices, forcing producers in other countries to cut operations.
Average quotations fell further in the first semester, reaching USD 15,368.50 per MT, compared with USD 17,521 per MT in the same period last year.
“The global glut has driven prices down 35 percent over the past two years, leading to production cuts in other economies,” the World Bank said in its previous report.
“However, global production growth is expected to slow gradually over the forecast horizon, as Indonesia—now accounting for about 60 percent of global production—introduces mining quotas to stabilize prices.”
“Global nickel demand growth is also expected to moderate, reflecting decelerating demand from the EV battery market, only partially offset by modest growth in stainless steel production.”
The World Bank remains optimistic global nickel production will ease, citing recent cuts in Indonesia’s mining quotas, which accounts for over half of global nickel production. The move, the World Bank said will stabilize prices.
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