According to the General Administration of Customs of the People's Republic of China, China's refined nickel imports fell 19.24% month on month (MoM) at 5,542.969 tonnes in September, down 42.13% year on year (YoY). The imports totaled 69,690.237 t over January-September, down 39.74% from last year.
Source: GACC
China refined nickel exports, on the other hand, surged 173.65% MoM at 3,756.028 t in September, rising 73.2% YoY. The exports jumped 11.76% from 2022 at 19,976.104 t year-to-date (YTD).
Source: GACC
The fall in refined nickel imports were mainly due to rising production of cost-effective domestic refined nickel, except for NORNICKEL nickel for its deliverability at SHFE and nickel plate from Norway and Japan for its application in the electroplating sector.
The refined nickel imports are expected to fall further as more domestic refined nickel brands are making efforts to be registered as SHFE deliverable brands.
China's exports surged MoM in September as a result of robust production in China, which prompted the manufacturers to seek export opportunities.
With several more refined nickel production lines expected to come on stream in the fourth quarter, the China market will remain oversupplied. That is, the export market is projected to stay active in order to hedge domestic supply surplus, especially when China's refined nickel is qualified as LME deliverable brands.
Written by Aggie Hu, huchenying@mysteel.com
