SHANGHAI, Aug. 30 (SMM) --
According to data from China Customs, total imports of nickel ore were 2,510,246 mt in July, up 14.17% YoY, and imports of nickel ore from January to July were 12,323,069 mt, up 66.58% YoY. Imports of laterite nickel ore during July were 2,485,470 mt, including 1,504,216 mt from the Philippines, up 6.11%YoY, and 981,254 mt from Indonesia, up 30.61% YoY. Imports of nickel ore during July were up 11.74% MoM, with growth coming mainly from higher volumes of laterite nickel ore. Demand for laterite nickel ore was boosted by the continuous expansion of domestic NPI capacity.
According to data from China Customs, imports of refined nickel were 14,339mt in July, up 13.63% MoM. The Shanghai/LME nickel price ratio became positive in early June, creating more opportunities for traders to import goods. The Shanghai/LME nickel price ratio was positive for imports in early June, but in the middle of the month, the ratio turned negative. However, the price gap had narrowed from RMB 10,000/mt, to RMB 1,000-6,000/mt, still allowing for more imports of refined nickel.
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