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

Published: May 20, 2025 17:54

Save

[China's refined nickel imports increased both MoM and YoY in April 2025, with net imports turning positive] In March 2025, according to data released by the General Administration of Customs, China's refined nickel imports (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.

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

[SMM Nickel Market Flash] Indonesia-Philippines Nickel Link Targets Ore Supply and Downstream Integration

One of the core objectives of the Indonesia-Philippines nickel corridor is to better connect Philippine ore resources with Indonesia’s downstream processing capacity. The report said the arrangement could strengthen feedstock security for Indonesia’s expanding HPAL and refining system, while giving the Philippines a faster route to benefit from higher-value regional exports through Indonesia’s processing hub. The initiative is also seen as a signal that Southeast Asia is seeking stronger bargaining power in the global nickel and EV battery supply chain.

12 hours ago

[SMM Nickel Market Flash] Indonesia and the Philippines Launch Nickel Corridor Initiative

Indonesia and the Philippines have formally launched a “nickel corridor” initiative during a high-level business roundtable in Cebu. The report said the cooperation is being advanced by APNI and PNIA and will focus on data sharing, cross-border investment, and ESG alignment, with the aim of moving both countries beyond raw material exports toward a more coordinated regional nickel supply chain.

12 hours ago

[SMM Nickel Market Flash] Western Mines Intersects Higher-Grade Nickel Zones at Mulga Tank

Western Mines Group said hole MTD031 at the Mulga Tank Project also returned several higher-grade nickel intersections, including 6 m at 1.02% nickel from 259 m and 8 m at 0.81% nickel from 298 m. These intervals were also associated with elevated cobalt, copper, and platinum-palladium values. The results suggest deeper enriched zones may remain open and could support further delineation of higher-grade mineralisation.

12 hours ago