[SMM Analysis] China’s refined nickel imports and exports fell 3% and 27% respectively on MoM basis in June.

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Imports:
In June 2025, China's refined nickel imports stood at 17,010 mt, down 3% MoM and up 120% YoY. Among them, imports of other unwrought non-alloy nickel reached 14,777 mt, accounting for 87% of the total refined nickel imports.By country of origin, the main importing countries in June were China (bonded zone), Russia, Indonesia, Norway, and South Africa. Imports from China (bonded zone) amounted to 6,208 mt; imports from Russia were 3,527 mt, down 28% MoM; and imports from Indonesia were 2,863 mt, down 32% MoM.

Exports:
In June 2025, China's refined nickel exports reached 10,143 mt, down 27% MoM and 6% YoY. Among them, exports of other unwrought non-alloy nickel were 9,101 mt, accounting for 90% of the total refined nickel exports. By region, the main domestic exporting regions in June were Zhejiang, Guangxi, Shanghai, and Guangdong.

Customs Clearance Volume:
In June 2025, the customs clearance volume of refined nickel was 7,167 mt, an increase of 2,505 mt from the previous month. This was mainly due to a significant decrease in total direct exports in June and a notable increase in the total volume arriving from abroad to the bonded zone.