Analysis of Nickel Ore Import Data for August 2024 [SMM Data]

According to the latest data from Chinese customs, China's nickel ore imports in August 2024 were 4.9307 million mt, down 10.79% YoY, with cumulative imports down 12.02% YoY. Among them, laterite nickel ore imports were 4.8849 million mt, down 11.24% YoY; sulfide ore imports were 45,800 mt, up 95.27% YoY.

From the perspective of major import sources, China imported 4.7702 million mt of nickel ore from the Philippines, down 2.4% YoY, up 45.7% MoM, with cumulative imports down 7.4% YoY. Imports from Guatemala were 10,500 mt, down 81.57% MoM. Imports from Australia were 3,500 mt, down 71.5% MoM.

The reduced enthusiasm from Indonesia for purchasing medium-grade laterite nickel ore from the Philippines, combined with the ongoing demand for restocking by domestic downstream smelters, led to a recovery in the quantity of laterite nickel ore imported from the Philippines to China in August. However, some smelters, due to the grade requirements for producing smelting products, also have a certain motivation to purchase higher-grade nickel ore, resulting in continued shipments from places like Côte d'Ivoire and Guatemala to China. This phenomenon is expected to continue with the upcoming rainy season in the Philippines. Although the import volume of Philippine laterite nickel ore to China in August showed some recovery, the supply growth was still limited due to the Indonesian market's purchase of nearly 2 million wmt of Philippine laterite nickel ore, mostly medium-grade. It is expected that the share of Philippine laterite nickel ore exports to China will continue to increase in September.