[SMM Analysis] Peak Season Drives Demand Growth, NPI Imports Hit Record High in September

According to customs data, China's nickel pig iron imports totaled 1.0853 million mt in physical content in September 2025, up 24.2% MoM and 47.2% YoY.

In terms of metal content, September NPI imports amounted to 136,400 mt Ni, up 24.3% MoM and 50.4% YoY. From January to September, cumulative NPI imports reached 8.3527 million mt in physical content, up 24.2% MoM and 47.2% YoY, while cumulative imports in metal content were 1.0324 million mt, up 15.2% MoM and 20.2% YoY.

By source country, imports from Indonesia continued to rise, accounting for 97.22% of the total.

By category, both NPI and FeNi imports increased in September. Supported by the traditional peak season, stainless steel production schedules rose steadily, driving raw material demand and leading to MoM and YoY growth in NPI and FeNi imports. China imported 1.0552 million mt of NPI in physical content in September 2025, up 24.1% MoM and 47.6% YoY. FeNi imports totaled 30,100 mt in physical content, up 26.6% MoM and 34.9% YoY.

Entering October, the traditional peak season continues, and stainless steel production schedules remain stable, suggesting sustained demand for nickel pig iron. However, with the resumption of domestic NPI production, stainless steel enterprises face sales pressure and relatively sufficient inventory. Amid declining prices, most downstream enterprises focus on digesting inventories, and October NPI imports are expected to be lower than September levels.