Latest Update in the SMM Nickel Market

According to the latest data from China Customs, China's total nickel sulphate imports in December 2025 amounted to 7,488 mt in metal content, up 7% MoM and 46% YoY. Nickel sulphate exports stood at 189 mt in metal content, down 36% MoM but up 95% YoY. Consequently, China's net imports of nickel sulphate in December 2025 reached 7,299 mt in metal content, increasing by 9% MoM and 45% YoY.

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[SMM Daily Review: Transaction Prices Difficult to Find in the Market, High-Grade NPI Prices Remain Stable] January 21 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

On January 21, the SMM battery-grade nickel sulphate index price was 33,215 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,550-34,200 yuan/mt, and the average price decreased compared to the previous day.

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In December 2025, China's refined nickel imports reached 23,394 mt, up 85% MoM and up 24% YoY. Among them, other unwrought non-alloy nickel imports 16,177 mt, accounting for 69% of refined nickel imports.China's refined nickel exports 13,296 mt, up 22% MoM but down 25% YoY. Among them, other unwrought non-alloy nickel exports 11,928 mt, accounting for 90% of refined nickel exports.

[SMM Daily Review: Divergence in Market Quotes, High-Grade NPI May Face Resistance to Rise] January 20 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day.

On January 19, the SMM battery-grade nickel sulphate index price was 33,400 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,700-34,500 yuan/mt, and the average price remained unchanged from the previous day.

[SMM Daily Review: Large Price Gap Between Upstream and Downstream, High-Grade NPI Prices Remain Firm] Jan. 19 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,027.5 yuan/mtu (ex-factory, tax included), up 10 yuan/mtu MoM from the previous working day.