SHANGHAI, Apr 29 (SMM) – China's imports of unwrought and unalloyed nickel are expected to rebound to 19,000-21,000 mt in April, as four-year low inventories of refined nickel and high scheduled output of #300 stainless steel trigger an influx of imported materials. 

A closed import arbitrage window lowered imports in March, by 34.2% on the year and by 10.4% on the month, to 10,900 mt, the latest customs data showed. 

Some 4,460 mt of  imports entered bonded warehouses in March, and the remaining 6,440 mt entered domestic spot markets. Import losses averaged 1,800 yuan/mt between mid-February to mid-March, an SMM survey found.

Fewer arrivals of Australian nickel briquette accounted for lower imports last month. Customs data showed that China imported around 2,697 mt unalloyed nickel, unwrought from Australia in March, down 1,151 mt, or 30% from February. 

Market participants expect supply growth in nickel pig iron (NPI) to erode part of the demand for refined nickel. This, together with moderate demand from the new energy sector, kept the market cautious about the consumption for refined nickel in the near future.