海关统计数据在线查询平台公布的数据显示，中国2025年11月镍矿砂及其精矿进口量为3,339,475.06 吨，环比减少28.67%，同比上升4.30%。 以下为根据中国海关总署官网数据整理的2025年11月镍矿砂及其精矿进口分项数据一览表： | 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 菲律宾 | 3.021.288.99 | -30.47% | 6.08% | | 新喀里多尼亚 | 138.714.40 | 40.79% | 132.55% | | 危地马拉 | 86.755.34 | 37.88% | 52.28% | | 所罗门群岛 | 35.503.00 | -54.11% | 4.69% | | 澳大利亚 | 21,021.79 | -- | 37.75% | | 俄罗斯 | 15.635.99 | -14.13% | -1.59% | | 越南 | 9.952.92 | | | | 赞比亚 | 9,926.90 | -8.85% | -13.46% | | | 675.72 | -44.83% | -63.02% | | ...

Core Insights - In October 2025, China's imports of nickel ore and its concentrates reached 4,682,830.33 tons, representing a month-on-month decrease of 23.50% but a year-on-year increase of 11.82% [1] Import Sources - The Philippines remains the largest source of nickel ore imports, with 4,346,832.03 tons imported in October 2025, showing a month-on-month decline of 25.29% but a year-on-year increase of 7.52% [1] - New Caledonia is the second-largest source, with imports of 98,528.75 tons, reflecting a significant month-on-month increase of 421.05% [1] - Other notable sources include: - Solomon Islands: 77,360.07 tons, month-on-month increase of 90.50% [1] - Côte d'Ivoire: 66,860.64 tons, month-on-month decrease of 31.13% and year-on-year decrease of 35.51% [1] - Guatemala: 62,921.40 tons, month-on-month decrease of 35.97% but a year-on-year increase of 172.10% [1] - Russia: 18,209.18 tons, month-on-month decrease of 27.33% but a year-on-year increase of 164.00% [1] - Tanzania: 1,227.17 tons, month-on-month decrease of 28.02% but a year-on-year increase of 6.15% [1] - Indonesia: 0.01 tons, showing a month-on-month increase of 200.00% [1] Summary Table | Source | October 2025 (tons) | Month-on-Month Change | Year-on-Year Change | |-------------------|---------------------|-----------------------|----------------------| | Philippines | 4,346,832.03 | -25.29% | 7.52% | | New Caledonia | 98,528.75 | 421.05% | -- | | Solomon Islands | 77,360.07 | 90.50% | -- | | Côte d'Ivoire | 66,860.64 | -31.13% | -35.51% | | Guatemala | 62,921.40 | -35.97% | 172.10% | | Russia | 18,209.18 | -27.33% | 164.00% | | Tanzania | 1,227.17 | -28.02% | 6.15% | | Indonesia | 0.01 | 200.00% | -- | | Total | 4,682,830.33 | -23.50% | 11.82% | [1]

Core Insights - In September 2025, China's imports of nickel ore and concentrates reached 6,114,472.91 tons, reflecting a month-on-month decrease of 3.51% but a year-on-year increase of 34.43% [1] Import Sources - The Philippines remains the largest source of nickel ore and concentrates, with imports totaling 5,817,381.48 tons, showing a month-on-month decline of 1.93% and a year-on-year increase of 33.79% [1] - Guatemala is the second-largest source, with imports of 98,070.15 tons, marking a significant month-on-month growth of 99.64% and a year-on-year increase of 325.21% [1] Other Import Data - Côte d'Ivoire saw imports of 91,390.41 tons, reflecting an 18.26% month-on-month increase and a 143.58% year-on-year increase [1] - Solomon Islands experienced a notable month-on-month decline of 45.22% with imports of 40,610.00 tons, and a year-on-year decrease of 24.80% [1] - Russia's imports surged by 446.00% month-on-month to 25,056.38 tons, although year-on-year figures showed a decrease of 9.22% [1] - New Caledonia's imports dropped significantly by 88.59% month-on-month to 18,909.75 tons, with a year-on-year decline of 59.60% [1] - Australia and Vietnam had minor imports of 10,517.63 tons and 10,502.42 tons respectively, with Australia showing a slight month-on-month increase of 1.26% [1] - Other countries like Canada, Burundi, Oman, and Denmark contributed minimal amounts to the total imports [1]

Core Insights - China's nickel ore and concentrate imports in August 2025 reached 6,346,691.93 tons, marking a month-on-month increase of 26.92% and a year-on-year increase of 29.87% [1] Import Sources - The Philippines remains the largest source of nickel ore and concentrate imports, supplying 5,944,048.49 tons in August 2025, with a month-on-month growth of 27.09% and a year-on-year increase of 25.75% [1] - New Caledonia is the second largest source, with imports of 165,661.89 tons, reflecting a month-on-month rise of 17.76% [1] Detailed Import Data - The following table summarizes the import data for August 2025: | Source Country | August 2025 (tons) | Month-on-Month Change | Year-on-Year Change | |----------------------|---------------------|-----------------------|---------------------| | Philippines | 5,944,048.49 | 27.09% | 25.75% | | New Caledonia | 165,661.89 | 17.76% | -- | | Côte d'Ivoire | 74,211.14 | -6.30% | -21.10% | | Solomon Islands | 74,128.88 | -- | -- | | Guatemala | 49,723.96 | -24.70% | 399.07% | | E | 10,945.86 | -- | -- | | Australia | 10,386.35 | -6.67% | 188.22% | | Zambia | 9,668.64 | -- | -60.19% | | Russia | 4,589.08 | -66.73% | -72.64% | | Tanzania | 2,939.75 | 32.68% | 150.74% | | Canada | 369.89 | -- | -- | | Malaysia | 17.96 | -- | -- | | Papua New Guinea | 0.04 | -- | -- | | Total | 6,346,691.93 | 26.92% | 29.87% | [1]

Core Insights - China's nickel ore and concentrate imports in July 2025 reached 5,005,763.89 tons, reflecting a month-on-month increase of 15.44% and a year-on-year increase of 45.29% [1] Import Data Summary - The Philippines remains the largest supplier, with imports of 4,682,115.993 tons, showing a month-on-month increase of 15.78% and a year-on-year increase of 44.88% [1] - New Caledonia is the second-largest supplier, with imports of 140,674.665 tons, marking a significant month-on-month increase of 205.54% [1] - Côte d'Ivoire saw a decrease in imports by 30.40% month-on-month, but a year-on-year increase of 101.66%, with imports totaling 79,197.40 tons [1] - Guatemala's imports increased by 8.15% month-on-month and 19.24% year-on-year, totaling 66,031.51 tons [1] - Russia experienced a month-on-month increase of 201.28% but a year-on-year decrease of 38.47%, with imports at 13,791.63 tons [1] - Australia saw a month-on-month increase of 5.63% but a year-on-year decrease of 10.59%, with imports totaling 11,128.37 tons [1] - Vietnam's imports increased by 2.52%, totaling 10,598.17 tons [1] - Tanzania's imports surged by 62.84% month-on-month and 565.65% year-on-year, totaling 2,215.67 tons [1] - Ethiopia's imports were recorded at 10.48 tons, with no comparative data available [1] - Overall, the total imports for July 2025 were 5,005,763.89 tons, with a month-on-month increase of 15.44% and a year-on-year increase of 45.29% [1]

Core Insights - The Indonesian Nickel Smelters Association has urged the government to delay the upcoming increase in royalties until the LME nickel price reaches $17,000 per ton [2] - LME nickel prices have dropped over 2% since early April, currently around $15,500 per ton, with the last time prices hit $17,000 being in mid-October 2024 due to mining quota approval delays [2] - Increased LME nickel inventories are exerting downward pressure on prices [3] Exports - Nickel ore exports from the Philippines increased by 21% year-on-year from January to February 2025 [4] - The rainy season in southern Philippines has ended, leading to expected increases in medium-grade nickel ore shipments from the Surigao mine [5] Imports - In March, China imported 1,535,232.97 tons of nickel ore and concentrates, a month-on-month increase of 34.54% but a year-on-year decrease of 2.06% [6] - The Philippines remains the largest supplier, with March imports of nickel ore and concentrates at 1,205,652.098 tons, a month-on-month increase of 63.95% but a year-on-year decrease of 0.51% [6] - China's nickel pig iron imports in March reached 1,013,259.492 tons, a month-on-month increase of 11.55% and a year-on-year increase of 60.58% [6] - Indonesia is the largest supplier of nickel pig iron, with March imports at 989,055.225 tons, a month-on-month increase of 10.58% and a year-on-year increase of 60.70% [6] Consumption - Global nickel consumption increased by 11% year-on-year in February [7] Production - A major nickel mine operated by GEM in Sulawesi, Indonesia, has halted production and is under review due to safety concerns following a landslide [9] - The mine has advanced smelting facilities with an annual nickel production capacity of 150,000 tons, capable of producing 50,000 tons of high-nickel precursor materials [9] - Indonesia's nickel production surged last year, leading to the closure of several large mines in other regions, including Glencore's Koniambo mine in New Caledonia, which saw a 48% decline in production in 2024 and a continued 50% decline in early 2025 due to ongoing unrest [9] Industry Dynamics - The manufacturing PMI in China for March was reported at 50.5%, reflecting a 0.3 percentage point increase from the previous month, indicating a continued recovery in manufacturing activity [8] - LG Energy Solution has exited an $8.45 billion electric vehicle battery project in Indonesia, shifting focus to a joint venture with Hyundai, highlighting the dynamic changes in the global battery market amid demand uncertainty and tightening profits [8]