August Refined Nickel Exports Are Expected to Decrease MoM [SMM Analysis]

According to the customs statistics platform, in July 2024, China imported 4,752.727 mt of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content ≥99.99% and cobalt ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys), a decrease of 39% MoM and 54.12% YoY. The imports of other unwrought non-alloy nickel were 3,390 mt, a YoY decrease of 66.75%. Additionally, the import volume of non-alloy nickel powder and flake powder (HS code 75040010) in July 2024 was 222.778 mt, a YoY decrease of 42.72%. For nickel briquette, the import volume in July 2024 was 282.321 mt, a cumulative YoY decrease of 85%. By country, the main sources of refined nickel imports in July 2024 were Indonesia, Russia, Japan, Norway, and Canada.

July recorded continued net exports of refined nickel. During July, the import volume of refined nickel significantly decreased compared to the previous month. This was mainly due to Russian nickel under some long-term contracts not arriving on time affected by shipping schedules. The increase in domestic refined nickel exports in July was primarily due to the price gap between the domestic and overseas markets remaining around 10,000 yuan/mt, prompting domestic smelters to increase nickel plate exports. In summary, it is expected that the customs clearance volume of refined nickel will continue to increase MoM in August, while export volume will decrease.