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Nickel Ore:
According to China Customs, nickel ore imports were 1,073,383mt during April, up 87% MoM. Cumulative imports were 2,765,493mt from January to April, down 50.13% YoY. A portion of NPI producers restarted idled capacity and imported raw materials in advance, leading to MoM increases in nickel ore imports. Imports are expected to grow slightly in the near future.
Refined Nickel:
According to China Customs, refined nickel imports were 21,031mt during April, up 95% YoY. Profit margins for importers were as high as RMB 20,000/mt during April due to the high domestic/LME nickel price ratio, which helped drive up nickel imports. CBI believes April imports were mainly from LME inventories, since importing from Rotterdam inventories takes much longer. May import volumes are expected to report similar growth rates.
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