[SMM Analysis] Nickel Sulphate Imports Grew Significantly in July, While Exports Continued to Decline

According to the latest data from China Customs, China's total nickel sulphate imports in August 2025 amounted to 6,664 mt in metal content, up 79% MoM and up 32% YoY. Nickel sulphate exports were 112 mt in metal content, down 23% MoM and down 75% YoY. China's net imports of nickel sulphate in August 2025 reached 6,553 mt in metal content, up 83% MoM and up 43% YoY. By country, exports to Vietnam saw significant growth this month, but exports to other regions declined, driving the overall export volume down; the increase in imports was mainly contributed by Indonesia, Taiwan, China, and other countries (regions). Net imports of nickel salts increased this month, largely in line with last month's expectations.

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