After turning into a net exporter of refined nickel, China's refined nickel exports reported 10,305.291 tonnes in September 2024, down 17.53% month on month (MoM) and rising 174.37% year on year (YoY), according to data from the General administration of Customs of the People's Republic of China (GACC).
Source: GACC
The monthly drop was primarily due to the drastic fall in exports from the bonded zone, and the exports with the mode of processing with imported materials rose slightly from August at 5,655.03 tonnes in September.
Regarding the destination, the refined nickel was mainly shipped to overseas LME warehouses in Taiwan, South Korea, and Singapore, with a share of 45%, 28%, and 19% respectively in China's total exports.
Concerning the import market, China's refined nickel imports were down 36.46% MoM at 5,587.969 tonnes in September, up 0.81% from last year. Specially, the imports from Russia and Indonesia dropped 49.9% and 63.81% MoM at 2626.43 tonnes and 446.02 tonnes respectively in September.
Source: GACC
On the one hand, more rapidly rising overseas nickel price squeezed the import profits when priced in USD, hence the arrivals in September were mostly under long-term orders and were priced in RMB. And imports from Indonesia fell drastically partly due to Indonesia Dingxing conducting overhaul, and the plant also reduced the exports to China after it successfully registered as a LME delivery brand.
Looking ahead, China's is likely to remain a net refined nickel exporter with domestic producers constantly shipping to LME warehouses.
Written by Aggie Hu, huchenying@mysteel.com
