[Ni] Macquarie: Nickel Apparent Demand Reached 287kt, up 29% YoY

SHANGHAI, July 23 (CBI China) -- China Customs released import and export data of base metals in June on Wednesday. China’s imports of refined nickel were 41,008 mt in June, up 406% YoY, and up 64% MoM, and 120,003 mt in 1H, up 82.94% YoY. Including imports of other nickel-containing products (ferronickel, oxide, powder, etc), Macquarie estimates total nickel imports were 180kt during January–June (50kt in June alone), up 71% YoY.

    Macquarie believes apparent nickel demand was 287kt in 1H, up 29% YoY, probably including 50kt or so of speculative stock building. Imports of nickel ores from Indonesia and the Philippines, mainly for use in the production of nickel pig iron, rose to 1.6mt (around 14.5kt of recoverable nickel), the highest since May 2008.

    Macquarie predicts nickel pig iron output will likely be as much as 100,000 mt Ni in 2009, up from its previous forecast of 40kt or so. Whether or not China’s nickel imports will maintain growth in 2H remains to be seen.

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