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2010 April Ni Imports Data Analysis

iconMay 31, 2010 17:25
Source:SMM

SHANGHAI, May 31 (SMM) --
Nickel Ore:
According to data from China Customs, China's imports of nickel ore in April were 1.85 million mt, up 12.94% MoM, and up 72.11% YoY. China's imports of laterite nickel ore in April were 1.81 million mt, including 0.83 million mt from the Philippines, up 73.66% YoY, and 0.98 million mt from Indonesia, up 13.89% YoY. Demand for imported nickel ore is high due to high operating rates at producers with electric arc furnaces, helping push up import volumes. China's imports in April of laterite nickel ore from Indonesia were down by 25.66% MoM. The decline was believed to be a result of limited ships available in Indonesia.
 
Refined Nickel:
According to data from China Customs, China's imports of refined nickel in April were 16.70kt, down 12.78% MoM and down 20.61% YoY. The domestic/LME nickel price ratio has been unfavorable for imports since the start of 2010 (except for the week before the Chinese New Year holiday). Domestic nickel prices were even RMB 30,000/mt lower than LME nickel prices during April, which is extremely unfavorable for imports. With LME nickel price falling sharply during May, the price spread between domestic and LME nickel narrowed, allowing the domestic/LME nickel price ratio to gradually become positive. In this context, China's imports of nickel are expected to show growth during May.

 

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