China's imports of refined nickel increased by 94.76% MoM in August

According to the customs statistics platform, in August 2024, China's imports of refined nickel (including unwrought non-alloy nickel with nickel and cobalt content ≥99.99%, cobalt ≤0.005%, other unwrought non-alloy nickel and unwrought nickel alloy) were 9,257 mt, up 94.76% MoM from July. Exports of refined nickel and other unwrought non-alloy nickel showed a significant decline. As of August, bonded zone inventory of nickel plates remained at 4,300 mt, and nickel briquette around 400 mt. However, nickel briquette did not smoothly enter the domestic market, leading to a continued scarcity in August. In August, the export profit margin for refined nickel widened compared to July, with an average export profit of over $270/mt, which to some extent boosted domestic refined nickel production and deliveries to overseas warehouses. In September, with macro sentiment expected to boost futures prices further, export profit margins are also expected to increase, thereby driving up domestic refined nickel export volumes.