SunSirs: Nickel Ore Imports Surged, and Nickel Prices Faced Downward Pressure

In March 2026, China's nickel ore imports amounted to 1.6319 million tons—a month-on-month increase of 408,100 tons (33.34%) and a year-on-year increase of 96,700 tons (6.3%). For the period from January to March 2026, China's total nickel ore imports reached 4.24 million tons, representing a year-on-year increase of 646,700 tons. In April 2026, China's nickel ore imports stood at 3.6645 million tons—up 124.55% month-on-month and 25.78% year-on-year. Of this total, imports from the Philippines amounted to 3.3899 million tons—up 143.31% month-on-month and 36.42% year-on-year. From January to April 2026, China's cumulative nickel ore imports totaled 7.9045 million tons, an increase of 21.52% compared to the same period last year. Within this figure, imports from the Philippines totaled 6.8430 million tons, representing a year-on-year increase of 35.15%. Specifically, the total volume imported from the Philippines was 3.4531 million tons—a year-on-year increase of 859,200 tons, or 33.13%.

Analysis and Commentary

Nickel

Nickel ore serves as the primary raw material for nickel production. In March and April 2026, my country's imports of nickel ore surged significantly; specifically, import volume in April rose by 124.55% month-on-month, bringing the cumulative import volume for the January–April period to a year-on-year increase of 21.52%. Notably, the increase in nickel ore imports from the Philippines was particularly pronounced. This substantial easing in upstream raw material supply is expected to drive down nickel production costs and alleviate expectations of a supply shortage, thereby exerting strong bearish pressure on both spot and futures prices for nickel.

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