[SMM Analysis] China's imports of refined nickel increased both YoY and MoM in March 2025, while net imports remained negative.

Apr 21, 2025, at 10:01 am

In March 2025, China's imports of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content ≥99.99%, cobalt ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 8,832 mt, up 8.18% MoM from February and up 34.16% YoY, with a cumulative YoY increase of 124.56%. Net imports remained negative, according to data released by the customs statistics platform.

In March 2025, according to customs statistics, China's imports of refined nickel (including unwrought non-alloy nickel with a total nickel and cobalt content ≥99.99%, cobalt ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 8,832 mt, up 8.18% MoM from February, up 34.16% YoY, and a cumulative increase of 124.56% YoY. Imports of other unwrought non-alloy nickel were 5,177 mt, down 8.76% MoM but up 54.08% YoY. Imports of non-alloy nickel powder and flake powder were 228.48 mt, down 6.72% MoM and down 32.31% YoY. By country, Russia, Indonesia, and Norway were the top three sources of China's refined nickel imports, totaling 5,677.65 mt, all showing increases MoM. The net import volume of refined nickel was -5,696 mt, still negative but with a significantly narrowed deficit.

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[SMM Analysis] China's imports of refined nickel increased both YoY and MoM in March 2025, while net imports remained negative.

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