During the night session last Friday, SHFE nickel prices rose rapidly, and this upward trend continued at the beginning of today's daytime session, with the most-traded contract surging over 2%. According to SMM, there has been much discussion in the market recently about the Philippines' ore export ban policy, with reports suggesting that "the Philippine government plans to implement a ban on nickel ore exports starting from June 2025." In fact, this issue had already sparked discussions earlier this year. On February 3, 2025, the Philippine Senate passed a bill banning nickel ore exports. Currently, the bill is under review by the bicameral conference committee and has not yet been signed into law. The subsequent review of the bill will take place after Congress reconvenes in June, at which point discussions will commence.
(As of 9:09 on May 12, SHFE nickel market trends)
