China nickel ore imports rose in September, but may fall in Q4

In September 2023, according to customs data, China imported 5.9656 million mt of nickel ore, up 7.9% MoM and 26.5% YoY. This aligns with SMM's expectations, given the peak period for nickel ore shipments and a slight increase in port nickel ore inventories. Of these, laterite nickel ore imports totaled 5.8811 million mt, up 6.9% MoM and 25.9% YoY. Specifically, 5.5239 million mt were imported from the Philippines, up 13% MoM. Sulfide nickel ore imports were 84.6 thousand mt, up 261% MoM. Although Indonesia started reviewing nickel ore quotas and illegal mining in September, the results remain unclear. Per an SMM survey, some Indonesian NPI plants still purchased Philippine nickel ore. Moreover, with domestic NPI plants' stockpiling essentially completed, nickel ore import volume is expected to decrease in Q4.