[SMM Analysis] Indonesia's Nickel Sulphate Imports Pulled Back in September, While Finland's Imports Rose

According to the latest data from China Customs, China's total nickel sulphate imports in September 2025 amounted to 6,497 mt in metal content, down 3% MoM but up 36% YoY. Exports of nickel sulphate were 177 mt in metal content, up 59% MoM but down 76% YoY. China's net imports of nickel sulphate in September 2025 stood at 6,320 mt in metal content, down 4% MoM and up 57% YoY. By country, exports to Japan saw significant growth this month, driving the overall export volume up; on the import side, imports from countries like Finland and South Korea increased, but a pullback in imports from Indonesia still led to an overall decline in total imports. Net imports of nickel salts dipped slightly this month, largely in line with last month's expectations.

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