[Analysis] Refined Nickel Imports and Exports Surge in July, Imports up 124% MoM, Exports up 53% MoM

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Imports:

In July 2025, China's refined nickel imports reached 38,164 mt, up 124% MoM and up 703% YoY. Among these, imports of other unwrought non-alloy nickel were 35,506 mt, accounting for 93% of the refined nickel import volume.
By country, the main import sources in June were Russia, China (bonded zone), Indonesia, Norway, and South Africa. Imports from Russia significantly increased to 17,745 mt, up 403% MoM; from China (bonded zone) 8,334 mt, up 136% MoM; and from Indonesia 5,993 mt, up 109% MoM.

Exports:

In July 2025, China's refined nickel exports amounted to 15,546 mt, up 53% MoM and up 2% YoY. Of this, exports of other unwrought non-alloy nickel were 14,346 mt, representing 92% of the refined nickel export volume. By region, the main domestic export areas in June were Guangxi, Zhejiang, Guangdong, and Shanghai, with Guangxi accounting for 50%.

Customs Clearance Volume:

In July 2025, the clearance volume of refined nickel was 22,619 mt, up 216% MoM. This was mainly due to a surge in imports from Indonesia and China (bonded zone), leading to an increase in the inflow of refined nickel.