(Monday, 15 Sep 2014) Reuters reported that a Philippine proposal to ban exports of unprocessed metal ores could take 7 years to implement.

Its main backer said that eased concerns about a supply squeeze on China and sent nickel prices skidding. Metals markets were caught out late last year with plans by Indonesia to ban ore exports in a strategy to generate higher value exports by processing metal within the country. They were rattled further last week with news that the Philippines might follow suit.

The Philippines supplies virtually all of China's nickel ore, which the economic giant uses to make nickel pig iron, a raw material for stainless steel. But Congressman Mr Erlpe John Amante, the main proponent of the proposed Philippines law, said it could take two years to enact and that miners deserved a five year grace period before mandatory domestic processing took effect.

Nickel, which had jumped 7% in four sessions to Monday's close, fell more than 5% but it is still up about 37% this year. China imported 5.1 million tonnes of nickel ore and concentrate from the Philippines in July, which accounted for more than 98 percent of total imports.

Mr Amante said that the Philippines could triple its revenue from mineral exports if his bill, which was filed in July and has been approved at the committee stage in the lower chamber of Congress, becomes law. A matching bill was filed in the upper house Senate in late August.

He said that "We've started the ball rolling so I'm very hopeful with the timeline adding that he hoped the bill would become law within two years. The bill, which has government support, does not contain a timeframe for a ban on mineral exports, but i believed miners should be given a five year grace period that would be implemented by regulation.”

• [Editor:Juan]