State-owned miner NMDC and steelmaker SAIL are exploring the acquisition of coking coal assets in Russia to secure raw material supplies, per industry sources. India sent a delegation to Russia in May for preliminary talks, and SAIL has formed an internal panel to assess opportunities. Currently, Australia supplies over half of India's coking coal needs, with Russia holding a minor share. India is also seeking to diversify nickel imports from Russia. Coking coal has been designated a critical strategic mineral by the Indian government.

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.

In October 2025, China's refined nickel imports totaled 9,741 mt, down 66% MoM and 6% YoY. China's refined nickel exports reached 13,667 mt, down 3% MoM but up 55% YoY.

In August 2025, China's refined nickel imports totaled 24,186 mt, down 37% MoM and up 161% YoY.China's refined nickel exports totaled 15,048 mt, down 3% MoM and up 17% YoY. Among these, other unwrought non-alloy nickel exports amounted to 13,893 mt, accounting for 92% of total refined nickel exports.

In July 2025, China's refined nickel imports reached 38,164 mt, up 124% MoM and up 703% YoY. China's refined nickel exports amounted to 15,546 mt, up 53% MoM and up 2% YoY.

The Multi Commodity Exchange of India (MCX) has launched its Nickel futures contract, effective August 18, 2025. The contract aims to enhance price discovery, broaden participation across the value chain, and provide a robust hedging tool for nickel-consuming industries. As India is heavily dependent on nickel imports, industries face risks from price volatility and supply disruptions. The INR-denominated contract helps participants hedge both commodity price and currency risks. It also opens opportunities for financial participants and investors as an asset class for portfolio diversification. Contract details: trading unit of 250 kgs and delivery unit of 1,500 kgs (effective from September 2025 contracts); last trading day is the third Wednesday of the expiry month; Thane designated as the delivery centre; only LME-approved Primary Nickel cathodes with minimum 99.80% purity are accepted. Tick size is ₹0.10/kg, daily price limits set at 4%, and margins at a minimum of 10% or SPAN, whichever is higher.

The current global macro environment is complex and volatile, with intensified trade frictions and escalating geopolitical risks, exacerbating market concerns about global economic growth. Domestic "supply-side reform" and loose US dollar liquidity provide phased support for nickel prices in H2. However, short-term sentiment fluctuations have not altered the medium and long-term supply and demand logic. Global refined nickel capacity continues to expand in H2, with no significant production cuts yet observed. Demand-side recovery remains sluggish, the electroplating market is relatively stable, and alloy special steel demand has improved but with limited increments. Factors such as increased Indonesian production, tariff impacts, and weak demand still pose downside risks for nickel prices. Overall, it is expected that the tug-of-war between longs and shorts in nickel prices will intensify in H2, with the core fluctuation range being 115,000-128,000 yuan/mt.

In June 2025, China's refined nickel imports stood at 17,010 mt, down 3% MoM and up 120% YoY. China's refined nickel exports reached 10,143 mt, down 27% MoM and 6% YoY.