Earnings pressured by weak LME nickel prices and high nickel ore prices

「On the procurement side, nickel ore prices, the principal raw material for ferronickel products, remained high against a backdrop of concerns over supply shortages resulting from reductions in the Indonesian government's work plan and budget for mineral and coal companies (RKAB), as well as firm demand. Prices for various raw materials and fuels also remained high worldwide, leaving production costs elevated.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of solid demand. Prices of various fuels and raw materials also remained high globally, keeping production costs elevated. Nickel prices on the London Metal Exchange (LME) rose temporarily in the latter half of the period due partly to reductions in Indonesia’s corporate work plan and budget (RKAB) for minerals and coal, but remained within a certain range as various factors, including China’s stagnant economy, fluctuations in foreign exchange rates and financial and capital markets, and heightened tensions in the Middle East and Ukraine, were reflected in prices.」

「Regarding procurement prices, nickel ore, our principal raw material, as well as other raw materials, fuel and electricity remain expensive, and are expected to have a material impact.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of solid nickel ore demand. Prices of various fuels and raw materials also remained high globally, and production costs continued to remain elevated. Nickel prices on the London Metal Exchange (LME) remained within a relatively narrow range amid various factors, including China’s stagnant economy, fluctuations in foreign exchange rates and financial and capital markets, and heightened tensions in the Middle East and Ukraine.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of solid nickel ore demand. Prices of various fuels and raw materials also remained high globally, and production costs continued to remain elevated.」

「Nickel prices on the London Metal Exchange (LME) moved relatively sharply amid various factors, including China’s slowing economy, fluctuations in foreign exchange rates and financial and capital markets, heightened tensions in the Middle East and Ukraine, and concerns over nickel ore supply following riots in New Caledonia.」

「Nickel ore prices remained high against the backdrop of solid nickel ore demand. Although the global rise in resource prices had eased compared with an earlier period, prices of various fuels and raw materials remained high, keeping production costs elevated. Nickel prices on the London Metal Exchange (LME) moved somewhat lower as various factors, including China’s slowing economy, fluctuations in foreign exchange rates and financial and capital markets, and the heightened tensions in the Middle East and Ukraine, were reflected in prices.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of solid nickel ore demand. Prices of various fuels and raw materials also remained high amid the global rise in resource prices, resulting in persistently high production costs. Nickel prices on the London Metal Exchange (LME) moved somewhat lower as various factors, including China’s slowing economy, fluctuations in foreign exchange rates and financial and capital markets, and the situation in Ukraine, were reflected in prices.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of solid nickel ore demand. Prices of various fuels and raw materials were also high amid the global rise in resource prices, resulting in higher production costs. Nickel prices on the London Metal Exchange (LME) moved somewhat lower as various factors, including China’s delayed economic recovery, fluctuations in foreign exchange rates and financial and capital markets, and the situation in Ukraine, were reflected in prices.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of the impact of Indonesia’s ban on unprocessed ore exports and solid nickel ore demand. Prices of various fuels and raw materials were also high, including electricity, amid the global rise in resource prices, resulting in higher production costs. Nickel prices on the London Metal Exchange (LME) remained within a certain range but moved somewhat lower as various factors, including China’s delayed economic recovery, fluctuations in foreign exchange rates and financial and capital markets, and the situation in Ukraine, were reflected in prices.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of the impact of Indonesia’s ban on unprocessed ore exports and solid nickel ore demand. In addition, fuel and raw material prices surged amid the global rise in resource prices, resulting in a widening increase in production costs.」

「In procurement, nickel ore, the principal raw material for ferronickel products, remained high-priced against the backdrop of the impact of Indonesia’s ban on unprocessed ore exports and solid nickel ore demand. In addition, prices of the fuels, raw materials and electricity used in production surged amid the global rise in resource prices, resulting in a widening increase in production costs.」

「Nickel prices on the London Metal Exchange (LME) moved without a clear direction while remaining relatively high, amid continuing effects from fluctuations in financial and capital markets, various factors related to the situation in Ukraine, and uncertain commodity markets, including crude oil. Concerns about an economic slowdown due to accelerating inflation were also reflected in prices.」

「Nickel ore prices remained high against the backdrop of the impact of Indonesia’s ban on unprocessed ore exports and solid nickel ore demand, affecting higher production costs. Nickel prices on the London Metal Exchange (LME) remained weak amid continuing effects from fluctuations in financial and capital markets, various factors related to the situation in Ukraine, and uncertain commodity markets, including crude oil. Concerns about an economic slowdown due to accelerating inflation were also reflected in prices.」

「In the fourth quarter, nickel prices surged amid concerns over nickel supply triggered by the escalating situation in Ukraine and other factors. Trading was temporarily suspended as the market became disorderly, and although trading resumed toward the end of the period, prices continued to lack clarity.」

「Nickel ore prices remained high against the backdrop of the impact of Indonesia’s ban on unprocessed ore exports and solid stainless steel demand, affecting higher production costs.」

「In procurement, sufficient quantities of nickel ore to meet production requirements are expected to be secured. However, nickel ore, fuel and other raw material prices have remained high, and are expected to affect production costs.」

「Nickel ore prices remained high against the backdrop of the continuing Indonesian ban on unprocessed ore exports, contributing to higher production costs. Nickel prices on the London Metal Exchange (LME) underwent a temporary correction amid fluctuations in financial and capital markets, trends in economic indicators in various countries, and unstable commodity markets, including crude oil. However, prices moved higher against the backdrop of expanding moves in some countries to resume economic activity, recovering production and expectations of accelerating vaccination, and remained at a relatively high level.」

「Nickel ore prices remained on a gradual uptrend against the backdrop of persistent concerns over ore supply following the resumption of Indonesia’s ban on unprocessed ore exports. Nickel prices on the London Metal Exchange (LME) were weak at the beginning of the period, partly due to stagnating economic activity resulting from the pandemic, but shifted to an uptrend against the backdrop of signs that countries were gradually resuming economic activity, recovering production and growing expectations for the practical application of vaccines. At the same time, uncertainty about the outlook remained due to the impact of global trade restrictions and persistently unstable commodity markets, including crude oil, as well as uncertainty over the sustainability of the economic recovery amid concerns about a prolonged pandemic.」

「Nickel ore prices moved gradually higher against the backdrop of persistent concerns over ore supply following the resumption of Indonesia’s ban on unprocessed ore exports, despite temporary uncertainty over price trends due to the COVID-19 pandemic. Nickel prices on the London Metal Exchange (LME) were weak at the beginning of the period, partly due to stagnating economic activity resulting from the global COVID-19 pandemic. However, prices began to rise gradually against the backdrop of signs that countries were gradually resuming economic activity, recovering production and expectations of an economic recovery. At the same time, prices continued to lack clarity amid the impact of global trade restrictions and persistently unstable commodity markets, including crude oil, as well as uncertainty over the sustainability of the economic recovery due to concerns about a prolonged COVID-19 pandemic.」

「Nickel prices on the London Metal Exchange (LME) remained weak, continuing from the previous consolidated fiscal year, partly due to stagnating economic activity resulting from the COVID-19 pandemic. However, prices began to rise gradually against the backdrop of signs that countries were gradually resuming economic activity and recovering production. At the same time, prices continued to lack clarity amid the impact of global trade restrictions and persistently unstable commodity markets, including crude oil, as well as uncertainty over the sustainability of the economic recovery due to concerns about a prolonged COVID-19 pandemic.」

「Entering the fourth quarter, prices entered a sharp downward trend partly due to the impact of the COVID-19 pandemic. Although the average price for the period was relatively high, prices moved without a clear direction.」

「Nickel ore prices remained relatively stable following the partial easing of Indonesia's ban on exports of unprocessed ore. However, prices began to rise around the middle of the fiscal year after the Indonesian government announced that it would resume the ban 2 years earlier than planned, leaving the outlook for future prices uncertain. Nickel prices on the London Metal Exchange (LME) trended upward amid improving supply-demand conditions and renewed concerns about ore supply associated with the resumption of Indonesia's export ban around the middle of the fiscal year. However, prices also softened at times due to global trade restrictions and unstable commodity markets including crude oil, and despite remaining relatively high, moved within a narrow range.」

「Nickel ore prices remained relatively stable following the partial easing of Indonesia's ban on exports of unprocessed ore. However, prices began to rise in the second half of the fiscal year after the Indonesian government announced that it would resume the ban 2 years earlier than planned, leaving the outlook for future prices uncertain. Although supply-demand conditions for nickel on the London Metal Exchange (LME) were improving, prices moved within a narrow range in the first quarter amid global trade restrictions and unstable commodity markets including crude oil. From the second quarter onward, prices trended upward and remained relatively high in the second half, also supported by renewed concerns about ore supply associated with the resumption of Indonesia's export ban.」

「Nickel ore prices remained relatively stable following the partial easing of Indonesia's ban on exports of unprocessed ore. Although supply-demand conditions for nickel on the London Metal Exchange (LME) were improving, prices moved within a narrow range amid the impact of global trade restrictions, still-unstable commodity markets including crude oil, and reduced concerns about ore supply following the easing of Indonesia's export ban.」

「Nickel ore prices remained relatively stable following the partial easing of Indonesia's ban on exports of unprocessed ore. Nickel prices on the London Metal Exchange (LME) trended upward in the first half of the fiscal year, along with some commodity prices, amid improved supply-demand conditions and the impact of US economic policy. However, prices softened in the second half amid the impact of expanding global trade restrictions, still-unstable commodity markets including crude oil, and reduced concerns about ore supply following the easing of Indonesia's export ban, resulting in an uncertain trend.」

「Nickel ore prices remained relatively stable following the partial easing of Indonesia's ban on exports of unprocessed ore. Nickel prices on the London Metal Exchange (LME) trended upward, along with some commodity prices, amid improved supply-demand conditions and the impact of US economic policy. However, prices softened in the second half of the fiscal year amid unstable commodity markets, including crude oil, the gradually expanding impact of global trade restrictions and reduced concerns about ore supply following the easing of Indonesia's export ban, while price movements remained highly volatile.」

「Nickel ore prices moved relatively steadily following the partial easing of Indonesia's ban on exports of unprocessed ore, although they remained above pre-easing levels. Nickel prices on the London Metal Exchange (LME) moved higher along with some commodity prices, helped by improved supply-demand conditions and the impact of US economic policy. However, prices remained volatile amid unstable commodity markets, including crude oil, the gradually expanding impact of global trade restrictions, and reduced concerns about ore supply following the easing of Indonesia's export ban.」

「Although the partial easing of Indonesia's ban on exports of unprocessed ore raised expectations for more stable prices, nickel ore prices remained high because concerns about ore supply and other effects persisted, and conditions continued to drive up costs. Nickel prices on the London Metal Exchange (LME) rose temporarily, along with some commodity prices, amid expectations of increased future demand for secondary batteries and the influence of US and European financial markets. However, volatile commodity markets, including crude oil, reduced concerns about ore supply following the easing of Indonesia's export ban, and a perception of oversupply relative to high nickel inventories weighed on prices, resulting in highly volatile price movements.」

「Although Indonesia partially eased its ban on exports of unprocessed ore, nickel ore prices remained high because concerns about ore supply and other effects persisted, and conditions continued to drive up costs. Nickel prices on the London Metal Exchange (LME) rose temporarily, along with some commodity prices, due to higher prices for metals generally and rising crude oil prices, influenced by the European foreign exchange market. However, prices remained volatile amid unstable commodity markets, including crude oil, uncertain international financial markets, reduced concerns about ore supply following the easing of Indonesia's export ban, and a perception of oversupply relative to high nickel inventories.」

「Although Indonesia partially eased its ban on exports of unprocessed ore, nickel ore prices remained high because concerns about ore supply and other effects persisted, and conditions continued to drive up costs. Nickel prices on the London Metal Exchange (LME) remained weak under the influence of volatile commodity markets, including crude oil, uncertain international financial markets and reduced concerns about ore supply following the easing of Indonesia's export ban, while a perception of oversupply relative to still-high nickel inventories also weighed on prices.」

「The price of nickel ore, the principal raw material for ferronickel products, remained high due to concerns about ore supply arising from Indonesia's ban on exports of unprocessed ore, among other factors. Although there were signs late in the fiscal year that the ban might be eased, conditions continued to drive up costs. Nickel prices on the London Metal Exchange (LME) rose temporarily on concerns about nickel ore supply following the suspension of operations at some Philippine mines and expectations for the new US administration. However, prices remained weak due to volatile commodity markets, including crude oil, the impact of US financial markets and a perception of oversupply relative to still-high nickel inventories.」

「Nickel prices on the London Metal Exchange (LME) rose temporarily on concerns about nickel ore supply following the suspension of operations at some Philippine mines and expectations for the incoming US administration. However, prices remained weak due to volatile commodity markets, including crude oil, the impact of US financial markets, the slowdown in the Chinese economy and a perception of oversupply relative to still-high nickel inventories.」

「Nickel prices on the London Metal Exchange (LME) rose temporarily on concerns about nickel ore procurement after some mines in the Philippines suspended operations due to tighter mining regulations. However, prices remained weak amid soft commodity markets, including crude oil, international financial markets facing increased uncertainty about the outlook, the slowdown in the Chinese economy, and a perception of oversupply relative to still-high nickel inventories.」

「The price of nickel ore, the principal raw material for ferronickel products, remained high due to concerns about ore supply arising from Indonesia's ban on exports of unprocessed ore, among other factors. Although prices showed signs of stabilizing, conditions continued to drive up costs.」

「The LME nickel price applicable to the Company fell 36.3% year on year, resulting in lower prices.」