Refined nickel imports remain at low levels, with export volumes falling sharply.

The decrease in imports is mainly attributed to the decline in imports of nickel from Russia. Currently, imports of refined nickel are in a deficit, and there are difficulties in signing long-term contracts for Russian nickel, leading to a gradual decline in imports. However, imports of refined nickel from Indonesia have increased significantly, with 1,590 tons imported in February, roughly equal to the volume of nickel imported from Russia. The slow production ramp-up of Indonesian nickel producers has accelerated this year, with half of the production entering the domestic market in February.

On the export side, China exported 4,951 tons of unalloyed nickel in January, with a month-on-month decrease of 34.16% but a synchronous increase of 84.1% year-on-year. In February, exports of unalloyed nickel totaled 2,329 tons, with a month-on-month decrease of 53% and a synchronous decrease of 58.7% year-on-year.

In February, exports of refined nickel declined. On one hand, this was due to the impact of the logistics shutdown during the Spring Festival, and on the other hand, it was because of the recent rise in nickel sulfate prices. Some companies prioritized the production of nickel sulfate, reducing the output of refined nickel.