[SMM Analysis] China's refined nickel shifted to net exports in October, with imports down 66% MoM and exports down 3% MoM

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Imports:

In October 2025, China's refined nickel imports totaled 9,741 mt, down 66% MoM and 6% YoY. Among these, other unwrought non-alloy nickel imports accounted for 6,708 mt, representing 69% of total refined nickel imports.
By country, the main sources of imports in October were Indonesia, Norway, Japan, and Russia. Imports from Indonesia increased to 3,660 mt, up 18% MoM, while imports from Russia fell sharply to 1,044 mt, down 95% MoM.

Exports:

In October 2025, China's refined nickel exports reached 13,667 mt, down 3% MoM but up 55% YoY. Other unwrought non-alloy nickel exports accounted for 13,430 mt, making up 98% of total refined nickel exports.
By region, the main domestic export sources in October were Guangdong (38%), Guangxi (29%), and Shanghai.

Customs Clearance Volume:

In October 2025, the net clearance volume of refined nickel was -2,585 mt, down 118% MoM from the previous month. This was mainly due to a sharp decline in imports, with exports exceeding imports during the month, leading to significant oversupply pressure in the domestic market and prompting enterprises to actively seek overseas markets through exports.