China's Nickel Imports Fall 52.5% in Aug

SHANGHAI, Sept. 23 -- China's nickel imports slumped in August, as expected, on slower demand from the stainless steel sector, said market sources.

    Refined nickel imports fell 52.5% from July to 22,703 mt in August, but remained 264% higher year-on-year, taking imports in the first eight months to 190,461 mt, up 132%, according to China Customs.

    "The cooling down of the stainless steel market put strong pressure on nickel, causing nickel prices to move down. So importers were unwilling to buy nickel," said a Shanghai-based analyst.

    Imports of nickel ore and concentrate also fell 34% to 1.45 million mt in August, although 191% higher year-on-year. This took eight-month imports 8% lower to 89 million mt.

    Nickel in the Shanghai spot market was trading at RMB 131,000-133,500/mt (USD 19,190-19,556/mt) on Tuesday, down from RMB 144,500-148,000/mt at end August.

    (Source: Metal Bulletin)