[ SMM Analysis ] Nickel sulphate imports from Indonesia, Finland and other countries rebounded in November, with total imports up 44% MoM

According to the latest data from China Customs, China's total nickel sulphate imports in November 2025 reached 7,000 mt in metal content, up 44% MoM and 76% YoY. Exports of nickel sulphate were 293 mt in metal content, up 26% MoM and 369% YoY. China's net imports of nickel sulphate in November 2025 were 6,706 mt in metal content, up 45% MoM and 71% YoY. By country, the export growth this month was still mainly contributed by exports to Japan. Regarding imports, volumes from countries such as Indonesia, Finland, and South Africa saw significant growth this month, driving the overall import rebound. The net import volume of nickel salts rebounded this month, largely in line with last month's expectations.

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