SMM, May 20,
According to customs data, China's total imports of ferronickel reached 817,000 mt in April 2025, down 19.4% MoM and up 12.9% YoY. In terms of metal content, the total metal content of imported ferronickel in April was 97,800 mt Ni, down 18.4% MoM and up 7.3% YoY. From January to April, the cumulative imports of ferronickel were approximately 3.6678 million mt, up 23.0% YoY, and the cumulative metal content of imports was approximately 419,000 mt, up about 17.7% YoY.
By category, both NPI and FeNi imports declined MoM in April. For NPI, imports fell to 795,000 mt in April, down approximately 19.6% MoM and up 13.0% YoY. Despite the MoM decline in NPI imports, there was still a significant increase compared to the same period last year. At the beginning of April, Trump's reciprocal tariff policy swept the globe, causing non-ferrous metals to plummet in a short period, with nickel prices on both SHFE and LME falling to new lows in recent years. Meanwhile, stainless steel spot prices dropped to pre-Chinese New Year levels, leading to a short-term negative feedback loop in stainless steel and a rapid weakening of high-grade NPI prices. The weakening of high-grade NPI prices did not improve its economic advantage as the main raw material for stainless steel, leading to a short-term increase in demand for stainless steel scrap by mainstream stainless steel mills. This squeezed the proportion of high-grade NPI, which had previously accounted for a relatively large share, resulting in weaker domestic demand for imported high-grade NPI. Entering May, the reciprocal tariff policies between China and the US eased somewhat, but the seasonal off-season for stainless steel consumption arrived. Stainless steel prices lacked upward momentum, and raw material prices remained under pressure. Against the backdrop of prices already breaching the cost lines of some smelters, the willingness of smelters to sell was weak. It is expected that China's total NPI imports in May may continue to decline from April.
For FeNi, the decline in FeNi imports in April was slower compared to NPI. FeNi imports in April were approximately 22,000 mt, down 8.4% MoM and up 8.5% YoY. In terms of importing countries, except for Colombia and South Korea, other major importing countries experienced varying degrees of decline in April. Brazil saw the largest decline, with total imports of approximately 3,968 mt in April, down 35.3% MoM and up 86.6% YoY, followed by New Caledonia, with total imports of approximately 6,034 mt, down 18.54% MoM and 19.7% YoY. Entering May, the overall off-season for stainless steel consumption arrived. With stainless steel prices remaining low and nickel prices fluctuating rangebound, steel mills' demand for FeNi may weaken. It is expected that the total FeNi imports in May may continue to decline from April.
