China’s ferronickel imports hit record high in Mar
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Update time : 2022-04-29 21:40:40
According to data from the customs of China, in March, China's ferronickel imports reached 430,100 tons, increasing by 32.53% month on month and 28.61% year on year, which hit a record high.
In terms of counties, most of the growth was from Indonesia, the largest country exporting 386,700 tons of ferronickel to China, a month-on-month increase of 35.95% and a year-on-year growth of 35.95%, with nickel pig iron accounting for the most proportion.
In February, China imported 284,500 tons of ferronickel from Indonesia; however, the exports from Indonesia to China were around 340,000 tons. The gap was because customs clearance was postponed during China's Lunar New Year holiday.
In March, because of the Covid-19 epidemic, the nickel ore logistics of a steel plant in East China were restricted; however, the production of stainless steel didn't decrease obviously. The reason was that the steel mill increased the consumption of Indonesia's ferronickel.
This month, ferronickel which was delayed in the previous month will arrive in China if the epidemic eases. As of April 22, the ferronickel shipment from Indonesia to China was approximately 300,000 tons, and China's imports from Indonesia totaled around 320,000 tons. China's total import volume of ferronickel from Indonesia was expected to be around 380,000 tons in April.
LME nickel prices still fluctuated in March and April. China's buyers would transfer to purchase ferronickel from Indonesia. If the epidemic gets better after May, downstream steel manufacturers might resume work, and the demand for nickel might rise.
However, the epidemic in China is still unstable. The costs of 300 series stainless steel are still high. As a result, it might take a longer time to resume work.
