SHANGHAI, Jan 30 (SMM) - Customs data shows that China imported 2.76 million mt of nickel ore in December 2022, down 33.9% month-on-month but up 44% year-on-year. The port inventory of nickel ore showed a slow downward trend. In general, the import volume of nickel ore in 2022 amounted to 40.24 million mt, a decrease of 7.6% year-on-year.
The stainless steel market was supposed to peak in the middle of the year, but in fact it slid into a downturn in mid-2022. As a result, the lower-than-expected import volume during the high season dragged down the overall import volume of the year.
In detail, China imported 2.72 million mt of laterite nickel ore in December, a month-on-month decrease of 34% but a year-on-year increase of 43.1%. Among them, the imports from the Philippines were 1.98 million mt, a decrease of 22.7% from the previous month. The decline was mainly attributed to the rainy season in the southern main mining areas that constrained the shipments. Fortunately, some new mines in the north began to produce and make shipments, which alleviated the shortage of nickel ore to a certain extent.
On the demand side, the NPI prices have picked up. Although the CIF prices of nickel ore saw no wild fluctuations, the profits resulting from reducing freight rates also encouraged mines to make shipments. Besides, China imported 39,600 mt of nickel sulphide ore in December, down 24.5% MoM.
Nickel ore imports are expected to remain at a similarly low level in January 2023.
