China's nickel metal imports increased in April due to higher shipments from Indonesia, while exports fell because of weaker demand from overseas markets.
According to customs data, the country imported 7,885 tons of nickel metal in April, up by 25% from the previous month and by 146% from the previous year. Imports totaled 26,446 tons from January to April, an increase of 13%, with most of the increase coming from Indonesian shipments.
Russian shipments rose by 69% from March to 2,506 tons in April, while Indonesian shipments more than doubled to 2,420 tons. Australia sent 340 tons, compared to no shipments during January-March. It is rare for China to receive Australian nickel metal shipments. China likely purchased Australian products to produce nickel sulfate, whose prices have risen in the past couple of months.
Chinese buyers possibly acquired around 3,000 tons of Russian nickel under term contracts that started in April.
China exported 6,867 tons of nickel metal in April, down by 9% from March and by 8% from a year earlier, according to customs data. Exports totaled 21,643 tons from January to April, up by 75% from the previous year. Chinese products have become more sought after in the seaborne market, largely because newly added nickel refining capacity in China offers cost advantages over other producers such as Australia and Canada.
South Korea was the main export destination, receiving 9,201 tons during January-April, compared to 390 tons in the same period in 2023.
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RAREMETAL
