【SMM Non-Essential】China's cumulative nickel ore imports totaled 2.058 million wmt in January-February, down 8.49% YoY.

SMM April 21 News,

According to customs data, China's nickel ore imports in March 2025 reached 1.5352 million mt, up 389,100 mt MoM, an increase of 34%, but down 6,900 mt YoY, a decrease of 0.45%. Among them, laterite nickel ore imports were 1.514 million mt, and nickel sulphide ore imports were 22,100 mt. In March, imports of laterite nickel ore from the Philippines were 1.2057 million mt, accounting for 78.53% of the total imports for the month. Cumulative imports for 2025 currently stand at 3.5933 million mt, down 5.22% compared to the same period last year.

Based on B/L date statistics, the Philippines completed loading 48 vessels totaling 2.614 million mt in March 2025. Among them, 38 vessels were shipped back to China, totaling 2.06 million mt, an increase of 29 vessels MoM, accounting for 78.8% of the Philippines' total exports in March, with a total increase of 1.02 million mt MoM.

This week, Philippine nickel ore prices remained stable. From a supply and demand perspective, the rainy season in the southern Philippines has basically ended, and shipments of medium-grade nickel ore from Surigao mines are expected to increase. On the demand side, domestic NPI prices continued to decline during the week, and domestic smelters' acceptance of high-priced nickel ore decreased. From an inventory perspective, domestic nickel iron plant inventories remain relatively low, and just-in-time procurement demand still exists, but acceptance of nickel ore prices is limited. Regarding exports from the Philippines to Indonesia, shipments are still increasing, and Indonesian nickel ore prices remained generally stable and strong during the month, providing some support to Philippine nickel ore prices.

Overall, SMM expects that both Philippine shipments and domestic port arrivals in China will increase again in April compared to March.

Click to view the SMM Metal Industry Chain Database