[SMM Analysis] Nickel Sulphate Import and Export in April

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According to the latest data from the China Customs website, in April 2025, China's total imports of nickel sulphate were 7,173 mt (metal content), up 77% MoM and 63% YoY. China exported 125 mt (metal content) of nickel sulphate, up 43% MoM but down 86% YoY. In April 2025, China's net imports of nickel sulphate were 7,048 mt (metal content), up 78% MoM and 100% YoY. The increase in exports this month was mainly driven by Hong Kong, China; Thailand; Japan; South Korea, and other countries, while the increase in imports was mainly driven by South Korea and Indonesia. The net import volume of nickel salts increased this month, which was basically in line with the expectations of the previous month.

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