China's refined nickel imports recorded 6,441.889 tonnes in October, an increase of 16.22% month on month (MoM) but down 46.1% year on year (YoY), per the General Administration of Customs of the People's Republic of China (GACC). The imports totaled 76,132.126 tonnes over January-October, down 40.34% from last year.
The exports, on the other hand, dropped 10.46% MoM but rose 379.33% YoY at 3,363.271 tonnes in October, and totaled 23,339.375 tonnes over January-October, rising 25.64% from 2022.
Source: GACC
In detail, though the October imports rebounded in October, the volume was still below the annual average due to lackluster import profits. And most imports were still in the bonded zone.
The imports from Russia jumped 15.89% MoM at 3,371.233 tonnes in October, while those from Norway fell 67.05% from September at 157 tonnes. The total imports of nickel plate (primarily from Russia, Norway, Japan, South Africa, and Finland) were 5,158.237 tonnes, marking a monthly addition of 23.37%.
The imports from Russia were mostly under long-term orders, which took up more than half of China's total thanks to its deliverability at SHFE. The imports of other brands were slow, as cheap domestic refined nickel has been grabbing the domestic market share.
China's refined nickel exports dropped as domestic smelters were not in a hurry to destock. The products were mainly exported to India, Taiwan (China), Singapore, and South Korea, where most LME warehouses were located in Asia.
Looking ahead, it is expected that domestic refined nickel exports will increase on rising domestic production. Regarding the imports, the sales situation of NORNICKEL nickel has been disappointing, hence there are unlikely to be additional imports other than those under long-term orders. That is, the refined imports are more than likely to fall in the follow-up period.
Written by Aggie Hu, huchenying@mysteel.com