[SMM Analysis] China's Refined Nickel Imports and Exports Fell MoM in August, with Imports Down 37% MoM and Exports Down 3% MoM

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Imports:

In August 2025, China's refined nickel imports totaled 24,186 mt, down 37% MoM and up 161% YoY. Among these, other unwrought non-alloy nickel imports amounted to 22,255 mt, accounting for 92% of total refined nickel imports.
By country, the main sources of imports in August were Norway, Russia, Indonesia, and South Africa. Imports from Norway increased significantly to 12,202 mt, up 392% MoM, while imports from Indonesia fell to 4,161 mt, down 31% MoM.

Exports:

In August 2025, China's refined nickel exports totaled 15,048 mt, down 3% MoM and up 17% YoY. Among these, other unwrought non-alloy nickel exports amounted to 13,893 mt, accounting for 92% of total refined nickel exports.
By region, the main domestic export regions in August were Guangxi, Zhejiang, Guangdong, and Shanghai, with Guangxi accounting for 51% and Zhejiang for 38%.

Customs Clearance Volume:

In August 2025, the customs clearance volume of refined nickel was 10,138 mt, down 55% MoM from the previous month. The significant decline was mainly due to a sharp decrease in imports from Indonesia and China (Bonded Zone).