SHANGHAI, Jan 30 (SMM) - According to customs data, China imported 14,441 mt of refined nickel (including unwrought unalloyed nickel with the total amount of nickel and cobalt ≥99.99% and cobalt ≤0.005%, and other unwrought unalloyed nickel) in December 2022, a month-on-month decrease of 0.55%, and a year-on-year drop of 46.41%. The imports of other unwrought alloy nickel accounted for 86.89%, or 12,547 mt, down 47% YoY. In addition, imports of unalloyed nickel powder and flake (75040010) in December 2022 were 1,670 mt, up 67.78% MoM and down 61.91% YoY. The imports of nickel briquette stood at 2,746 mt in the month, a month-on-month decrease of 18.145%. Regarding the import data by country, the countries of origin with the most imports in December 2022 are: Russia (7,582 mt), Australia (1,608 mt), Canada (1,600 mt), Norway, etc.

The customs clearance volume in December 2022 was 11,212 mt, down 13% MoM. The falling customs clearance volume was in line with market expectation. That is, the import volume of refined nickel was flat MoM while the clearance volume fell as a result of persistent import losses, according to SMM statistics. Secondly, the new energy industry was muted in December, and the output of nickel sulphate fell sharply in December compared with the previous month. Hence the demand for nickel briquette fell again, weighing on the import volume. In terms of stainless steel, the production of 300-series stainless steel decreased slightly in December, so the demand for pure nickel was limited. In January 2023, the nickel prices fell, while SHFE/LME price ratio rose slightly. The bonded zone inventory also dropped in January. In summary, the pure nickel imports in January are expected to rise amid rising SHFE/LME price ratio and recovering pure nickel market. Nickel Chrome Wire

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