[SMM Analysis] Indonesia's Nickel Sulphate Imports Further Pulled Back in October, While Exports to Japan Saw Some Growth

According to the latest data from China Customs, China's total nickel sulphate imports in October 2025 were 4,852 mt in metal content, down 25% MoM and up 114% YoY. China's nickel sulphate exports were 233 mt in metal content, up 31% MoM and down 53% YoY. China's net nickel sulphate imports in October 2025 were 4,619 mt in metal content, down 27% MoM and up 161% YoY. By country, the export growth this month was still mainly contributed by exports to Japan; among imports, nickel sulphate imports from Indonesia, South Korea, and Taiwan, China, all pulled back this month, driving the total import volume down. The net import volume of nickel salts declined slightly this month, largely in line with last month's expectations.

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