China's refined nickel imports reported a monthly fall of 11.16% and an annual drop of 13.68% at 5,765.45 tonnes in February, according to the General Administration of Customs of the People's Republic of China (GACC).
Source: GACC
The monthly drop was primarily contributed by falling imports of NORNICKEL nickel, which was down 49.44% month on month at 1,612.91 tonnes in the face of wide import losses. According to Mysteel survey, the signing of long-term orders of NORNICKEL nickel was slow in 2024, and the number of successful orders dropped significantly compared with 2023. Therefore, the imports fell rapidly MoM in February, when the imports in January were supported by the delivery of 2023 orders.
On the other hand, rising supply from Indonesia partly offset the cut from Russia. China imported 1,590 tonnes refined nickel from Indonesia in February, which was almost the same as the volume from Russia. Mysteel survey showed that around half of CNGR Indonesia's production was shipped back to China. Nevertheless, the company has applied to register its nickel brand DX-zwdx with LME, hence the shipment to China is expected to decline once the application is approved.
In February, China exported 2,328.388 tonnes refined nickel, primarily due to the production suspension during Chinese New Year holiday, rising consumption in domestic market amidst the production cut of ferronickel, as well as the producers prioritizing nickel sulfate production on lucrative profits.
Source: GACC
Written by Aggie Hu, huchenying@mysteel.com
