[SMM Analysis] China's imports of refined nickel increased both YoY and MoM in March 2025, while net imports remained negative.

Published: Apr 21, 2025 18:01

Save

In March 2025, China's imports of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content ≥99.99%, cobalt ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 8,832 mt, up 8.18% MoM from February and up 34.16% YoY, with a cumulative YoY increase of 124.56%. Net imports remained negative, according to data released by the customs statistics platform.

In March 2025, according to customs statistics, China's imports of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content ≥99.99%, cobalt ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 8,832 mt, up 8.18% MoM from February, up 34.16% YoY, and a cumulative increase of 124.56% YoY. Imports of other unwrought non-alloy nickel were 5,177 mt, down 8.76% MoM but up 54.08% YoY. Imports of non-alloy nickel powder and flake powder were 228.48 mt, down 6.72% MoM and down 32.31% YoY. By country, Russia, Indonesia, and Norway were the top three sources of China's refined nickel imports, totaling 5,677.65 mt, all showing increases MoM. The net import volume of refined nickel was -5,696 mt, still negative but with a significantly narrowed deficit.

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

6 hours ago

【SMM Analysis】Weekly Review of Indonesian Nickel Market - Apr 30

6 hours ago

7 hours ago

[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply

According to the World Bank’s April 2026 Commodity Markets Outlook, global refined nickel production is expected to increase modestly in 2026 and 2027 as new processing capacity comes online in Indonesia. However, the report warned that tighter upstream ore availability is likely to constrain capacity utilization. This suggests future growth in Indonesia’s nickel supply may depend increasingly on ore availability rather than nominal processing capacity alone.

7 hours ago

[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply

According to the World Bank’s April 2026 Commodity Markets Outlook, nickel prices are projected to rise 12% year on year in 2026 and a further 3% in 2027, as global consumption growth is expected to outpace supply expansion. The report said that although new nickel processing capacity will continue to come online in Indonesia, tighter upstream ore availability is likely to constrain utilization rates and keep the market tight. It also noted that further disruptions to sulfur exports from Middle East producers could become an additional upside risk for nickel prices.

7 hours ago