The cost of local nickel pig iron in Indonesia is gradually strengthening, and the downward space for ferronickel prices is expected to be limited.

According to customs data, in December 2020, China's nickel ore imports totalled 3.17 million mt (wmt and dmt mixed), a decrease of 11.2% month on month and 26.6% year on year.

SMM high-grade NPI average price on December 4 was 1,030 yuan/mtu (ex-factory, tax included), down 10 yuan/mtu on the week. The purchase prices of high-grade NPI moved between 1,020-1,045 yuan/mtu (delivered to factory, tax included).  The willingness of restocking across steel plants have weakened along with the low stainless steel prices, which had dropped below the costs in all domestic ferronickel plants. This has led to lower transactions amid the ferronickel plants’ low intention of delivery.

China imported 9.54 million mt of bauxite in May, down 3.98% from the previous month but up 3.57% from the same month of 2019, according to China customs data under HS code 26060000.

Last year, the Republic of Guinea, Australia, and Indonesia remained the top three bauxite exporters to China, with their combined volume accounting for over 94% of the China’s total bauxite imports

December’s ferronickel imports contain 35,400 mt of nickel, up 2.44% from November and 38.35% from December 2018

China imported 4.32 million mt of nickel ore and concentrate last month, down 27.91% from November

In Jan-Nov, materials from the top supplier Indonesia soared 125% year on year on the back of rising new smelting capacity in the country

China exported 197,100 mt of aluminium sheet, plate and strip in Sep

China imported 6.75 million mt of bauxite in Sep, down 21.86% month on month and 2.08% year on year