Imports of Nickel Ore Fall in December 2022 as the Rainy Season in the Philippines Restricts Ore Shipments

SHANGHAI, Feb 14 (SMM) - According to customs data, China's imports of nickel ore totalled 2.76 million mt (wmt and dmt mixed) in December 2022, down 33.9% MoM and up 44% YoY. At the same time, the stock of nickel ore at ports also maintained a downward trend. The import volume of nickel ore totalled 40.24 million mt throughout 2022, down 7.6% from 2021, which was mainly contributed by the downturn in the NPI and stainless steel markets in the year. In detail, imports of laterite nickel ore stood at 2.72 million mt in December, a month-on-month decrease of 34% but a year-on-year increase of 43.1%. The volume of nickel ore shipped from the Philippines was 1.98 million mt, down 22.7% from the previous month. Ore shipments from mines in the south of the Philippines were limited by the poor weather conditions. Meanwhile, some new mines in the north shipped some goods, which alleviated the shortage of nickel ore to a certain extent. On the demand side, NPI prices rebounded. Although the CIF prices of nickel ore have not fluctuated significantly, the mines still can gain profits amid the dropping ocean freight and are more willing to ship. Imports of sulphide ore totalled 39,600 mt in December 2022, down 24.5% MoM. Nickel ore imports are expected to remain at similarly low levels in January 2023.