[SMM Analysis] China's imports of refined nickel increased both YoY and MoM in March 2025, while net imports remained negative.

In March 2025, according to customs statistics, China's imports of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content ≥99.99%, cobalt ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 8,832 mt, up 8.18% MoM from February, up 34.16% YoY, and a cumulative increase of 124.56% YoY. Imports of other unwrought non-alloy nickel were 5,177 mt, down 8.76% MoM but up 54.08% YoY. Imports of non-alloy nickel powder and flake powder were 228.48 mt, down 6.72% MoM and down 32.31% YoY. By country, Russia, Indonesia, and Norway were the top three sources of China's refined nickel imports, totaling 5,677.65 mt, all showing increases MoM. The net import volume of refined nickel was -5,696 mt, still negative but with a significantly narrowed deficit.