[SMM Analysis] Nickel Ore Imports: In April 2025, nickel ore imports reached 2.9441 million mt, up 1.3788 million mt MoM, representing an increase of 89.81%.

SMM News on May 20,

According to customs data, nickel ore imports in April 2025 reached 2.9441 million mt, increasing by 1.3788 million mt MoM, up 89.81%, and decreasing by 28,000 mt YoY from March last year, down 0.95%. Among them, imports of laterite nickel ore amounted to 2.674 million mt, while imports of nickel sulphide ore reached 43,300 mt. In March, 2.4917 million mt of laterite nickel ore was imported from the Philippines, accounting for 85.5% of the total imports for the month. The cumulative imports for 2025 currently stand at 6.5073 million mt, a decrease of 3.35% compared to the same period last year.

Based on B/L date statistics, the Philippines completed loading 100 vessels with a total of 5.447 million mt of nickel ore in April 2025. Among them, 79 vessels were shipped back, totaling 4.355 million mt, an increase of 41 vessels compared to the previous month.

This week, nickel ore prices in the Philippines remained stable. From a supply and demand perspective, the rainy season in the southern Philippines has largely ended, and shipments of medium-grade nickel ore from mines in the Surigao region 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 at a relatively low level, and there is still demand for just-in-time procurement, but the acceptance of nickel ore prices is limited. Regarding exports from the Philippines to Indonesia, the export volume from the Philippines to Indonesia continues to increase. Indonesian nickel ore prices have remained generally stable and strong during the month, providing some support to nickel ore prices in the Philippines.

Overall, SMM expects that the shipments from the Philippines and port arrivals in China in May will both increase again compared to April.

》Click to view SMM Metal Industry Chain Database