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Nickel Ore:
China's imports of nickel ore were 939,708mt during May, with YTD imports of 3,705,201mt, down 510,200mt YoY. Many NPI producers replenished stocks during 2Q, contributing to the increases in imports of nickel ore. Additional producers restarted capacity as nickel prices continued to rise, while NPI production costs inched up due to slight increase in raw material prices. In this context, costs remained at or near USD 13,000/mt for most producers.
Refined Nickel:
China's imports of refined nickel were 25,032mt during May, with YTD imports 78,995mt, up 37.38% YoY. The domestc/LME nickel price ratio was favorable for imports during April, attracting more traders and companies interesting in importing. However, there is a lag-time between orders and arrivals, so the large volumes of imported nickel ordered in April from Rotterdam warehouses began arriving in China during May, leading to a significant growth in nickel imports. The volume of imported nickel is expected to fall gradually during June and July.
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