Nickel exports in Russia increased in January-July 2014

Russia exported 120,200 tonnes of rough nickel during the first seven months of 2014, an increase of 0.5 percent year over year, according to the Russian Federal Customs Service. In monetary terms, nickel exports from Russia amounted to $ 1.912 billion.

The growth in exports was driven by an improvement in global demand for nickel. Almost all exports were directed to countries outside the Commonwealth of Independent States. For three months on the London Metal Exchange, the nickel price held at $ 18,925 per tonne, although this year it is up nearly 40 percent.

Nickel prices climbed to their highest level in seven weeks at $ 19,940 a tonne last week, however, as speculators returned to the market amid fears that the Philippines could follow Indonesia and ban the export of rough ore. But the proponent of the bill, the Philippine Congress, said on Tuesday that the proposed ban could not be implemented for seven years and the price dropped slightly to $ 18,909-19,000 per tonne.