Export Profit Margin Narrows, Refined Nickel Net Export Persists in November

According to the customs statistics platform, in November 2024, China's imports 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) amounted to 9,483 mt, down 8% MoM and up 32% YoY. Imports of non-alloy nickel powder and flake powder (HS code 75040010) were 267.59 mt, down 60% YoY. For nickel briquette, imports in November 2024 were 497 mt, with cumulative imports down 70% YoY. By country, the major sources of refined nickel imports in November 2024 were Russia, Canada, Japan, South Africa, and Australia.

In November, the customs clearance volume continued to be negative. Refined nickel net export persisted in November. During the month, both imports and exports of refined nickel increased MoM. It is expected that in December, due to the narrowing of export profit margins, exports will decrease.