The customs clearance volume of refined nickel decreased significantly in March

According to customs data, China imported 6,583 mt of refined nickel (including unwrought non-alloy nickel with the total amount of nickel and cobalt ≥99.99% and cobalt ≤0.005%, other unwrought non-alloy nickel and unwrought nickel alloy) in March, up 13.26% MoM and 48.19% YoY. Specifically, imports of other unwrought non-alloy nickel were 3,360 mt, up 46.52% YoY. The imports of non-alloy nickel powder and flake powder (HS code 75040010) were 337.021 mt in March, down 74% YoY. The imports of nickel briquette stood at 1,508.59 mt in March, down 61% YoY.
Negative customs clearance volume in March meant that net exports of refined nickel were realised. The imported nickel plates this year are mainly Russian nickel. As long-term contracts for Russian nickel are less affected by domestic and overseas nickel price ratio, long orders are relatively stable, contributing to large year-on-year growth in March imports. In March, refined nickel exports rose, due to the widening price gap between domestic and overseas nickel prices, with the largest exceeding 10,000 yuan/mt. Nickel prices kept rising in April, with the further widening price gap between domestic and overseas nickel prices. Therefore, it is expected that the customs clearance volume of refined nickel may continue to decline in April, while exports will continue to increase.