The customs clearance volume of refined nickel dropped significantly in January-February
According to customs data, China imported 6,841 mt of refined nickel (including unwrought non-alloy nickel with the total amount of nickel and cobalt ≥99.99% and cobalt ≤0.005%, other unwrought non-alloy nickel and unwrought nickel alloy) in January and 5,812 mt in February, with customs clearance volume reaching 2,539 mt in January (up 10% MoM and down 73% YoY) and 3,141 mt in February. Among them, the import volume of other unwrought non-alloy nickel was 5,574 mt in January, down 37.36% YoY and 4,369 mt in February, down 19.41% YoY. In addition, the import volume of non-alloy nickel powder and flake powder (HS code 75040010) was 634 mt in January (down 76% YoY) and 352 mt in February (down 83% YoY). The import of nickel briquette stood at 647 mt in January, down 81% YoY, and 392 mt in February, down 80% YoY. The top three sources of refined nickel import were Russia, Japan and Canada.
The significant drop in the import and customs clearance volume of refined nickel in January-February indicates that the domestic market demand for overseas refined nickel continues to decrease. Specifically, as new domestic electro-deposited nickel brands are almost on a par with Russian nickel in quality and four-digit cheaper than the latter, they have become increasingly popular with downstream buyers. To sum up, due to the continued sluggish domestic demand and the increasing substitution of new electro-deposited nickel brands for some imported nickel, the customs clearance volume of refined nickel is expected to keep declining in March.
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