China’s imports of FeNi and NPI were 633,200 mt in physical content in March, down 14.0% MoM
According to customs data, China’s imports of FeNi and NPI were 633,200 mt in physical content in March (down 14.0% MoM, but up 20.4% YoY), or 87,000 mt in nickel content (down 7.2% MoM, but up 10.8% YoY). Specifically, FeNi imports were 15,500 mt in physical content, down 6.5% MoM and 73.3% YoY. Slow Indonesian RKAB approval in March caused the tight supply of raw materials. In addition, as Indonesian stainless steel production increased in March, NPI exports to China were fewer than before. Due to local inflation and high nickel ore prices, overseas FeNi smelters operated at a loss, thus some stopped production. Some FeNi smelters shifted their markets, with Europe and the US as the main target, so exports to China continued to decline.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
