[SMM Analysis] China's refined nickel net imports surged in December 2025, with imports up 85% MoM and exports up 22% MoM.

Imports:

In December 2025, China's refined nickel imports reached 23,394 mt, up 85% MoM and up 24% YoY. Among them, other unwrought non-alloy nickel imports 16,177 mt, accounting for 69% of refined nickel imports.

By country, the main import sources in December were Russia, Indonesia, and Norway. Imports from Russia increased significantly to 12,376 mt, up 1,334% MoM; imports from Indonesia also rose sharply to 4,754 mt, up 251% MoM.

Exports:

In December 2025, China's refined nickel exports 13,296 mt, up 22% MoM but down 25% YoY. Among them, other unwrought non-alloy nickel exports 11,928 mt, accounting for 90% of refined nickel exports.

By region, the main domestic export regions in December were Guangdong and Zhejiang, with Guangdong accounting for 46% and Zhejiang for 43%, while Guangxi recorded no exports in December.

Customs Clearance Volume:

In December 2025, refined nickel customs clearance volume 10,098 mt, up 419% MoM. The main reasons were the significant increase in Russian nickel imports and the opening of the import arbitrage window for refined nickel in December, which drove traders to concentrate on customs clearance for imports.