According to the latest data from SMM Customs Network, imports of SMM hydrometallurgy intermediate products in July 2026 reached 99,305 mt in physical volume, down 5% MoM and 35% YoY. By country, the main decline this month was due to a drop in imports of hydrometallurgy intermediate products from countries such as Papua New Guinea.
[For more content, please subscribe to SMM Nickel Research Team products: "China Nickel, Chrome, Stainless Steel Industry Chain Regular Report" and "China Nickel, Chrome, Stainless Steel Industry Chain High-End Report" to obtain the latest data analysis and market commentary on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)! For subscription or trial, please call 021-51666863, contact: Fu Jian]


![[SMM Analysis] Inventory Accumulation and Weak Demand Push High-Grade NPI Lower in Search of a Bottom](https://imgqn.smm.cn/usercenter/LNpBh20251217171732.jpeg)