China's Nickel Ore Imports Stood at 4.3106 million mt in June amid the Poor Demand

SHANGHAI, July 22 (SMM) - According to customs data, China's imports of nickel ore totalled 4.3106 million mt (wmt and dmt mixed) in June 2022, up 12.1% MoM and down 10.9% YoY. China's nickel ore imports totalled 15.1364 million in the first half of 2022, down 8.1% YoY, due to the weak demand and supply. The laterite nickel ore imported from the Philippines was nearly 3.56 million mt, up 8.8% on the month and down 18.3% on the year.

According to SMM research, the import of Philippine nickel ore was mainly limited by the negative market sentiment. The NPI prices were dragged down by the poor stainless steel market, and the prices of nickel ore were under greater pressure amid the price transmission mechanism. In addition, as the stainless steel plants chose to suspend and reduce the production, the demand for nickel ore further declined. The profits of nickel ores continued to narrow, and some mines plan to further reduce the mining of nickel mines. Therefore, it is expected that the import volume of Philippine nickel ores from July to August is not optimistic. The imports of laterite nickel ore from New Caledonia in June stood at 254,400 mt, down 0.4% MoM. The imports are unlikely to increase due to the poor demand. The import volume of sulphide ore in June was about 48,100 mt, an increase of 19.2% on the month and 48.8% on the year. As the market demand for pure nickel in June was good, the output of pure nickel increased. In this case, the import volume of sulphide ore increased.