[SMM Analysis] Imports of Nickel Sulphate from Indonesia and Other Countries Continued to Rise in December, with Net Imports Reaching a 25-Year High

According to the latest data from China Customs, China's total nickel sulphate imports in December 2025 reached 7,488 mt in metal content, up 7% MoM and 46% YoY. China's nickel sulphate exports stood at 189 mt in metal content, down 36% MoM but up 95% YoY. China's net imports of nickel sulphate in December 2025 were 7,299 mt in metal content, increasing 9% MoM and 45% YoY.

By country, exports to Japan pulled back this month, driving the total exports down. On the import side, shipments from countries like Indonesia and South Korea saw significant growth. Although imports from Finland decreased, total imports still rose. Net imports of nickel salts increased further this month, largely in line with last month's expectations.

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