[SMM Analysis] China's imports of refined nickel increased both YoY and MoM in April 2025, with net imports turning positive.

In April 2025, according to the customs statistical data platform, China's imports of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content of ≥99.99% and cobalt content of ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 19,157 mt, up 116.92% MoM from March, up 135.76% YoY, and up 127.88% YoY on a cumulative basis. Imports of other unwrought non-alloy nickel amounted to 9,144 mt, up 88.22% MoM and up 55.20% YoY. Imports of non-alloy nickel powder and flake powder totaled 335 mt, up 46.59% MoM and up 35.70% YoY. By country, Russia, Indonesia, and Norway remained China's top three sources of refined nickel imports, with a combined volume of 15,676 mt, an increase of 9,998 mt from the previous month.

In April 2025, customs clearance volume was 3,185 mt, with a sharp increase in total direct imports MoM. This was primarily due to geopolitical factors, which led to a shift in Russian refined nickel exports towards the Chinese market, with a significant increase in exports to China in April.