In July 2026, China's refined nickel imports stood at 20,942 mt, down 18% MoM and down 45% YoY; exports were 598 mt, down 67% MoM and down 96% YoY; net imports were 20,344 mt, with cumulative net imports for the year reaching 158,000 mt (cumulative imports from January to July were 170,000 mt, up 26% YoY; cumulative exports were 13,000 mt, down 88% YoY).
On the import side, Russia and Indonesia remained the dominant sources. Imports of Russian nickel stood at 7,547 mt, accounting for 36% of total imports, firmly ranking first, and up slightly from June, with the arrival pace of long-term contract supply remaining stable. Imports of Indonesian refined nickel totaled 5,536 mt, accounting for 26%, still the second-largest source country.
On the export side, exports in July were only 598 mt, further shrinking from 1,811 mt in June, with a YoY decline as high as 96%, continuing the sluggish trend seen since the beginning of this year.
Overall, refined nickel imports retreated from highs in June, but monthly net imports remained at a relatively high level above 20,000 mt, keeping China's refined nickel supply ample overall. The export side continued to operate at low volumes, and amid the weak price spread between Chinese and overseas markets and subdued overseas delivery demand, the trade pattern of "large imports and small exports" for refined nickel was further solidified.
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