On January 21, 2026, the main SHFE Nickel 2602 contract closed up 550 CNY/ton at 143,060 CNY/ton, with a gain of 0.39%.

◎ Main Reference Contract for Refined Nickel in Shanghai Market: SHFE Nickel 2602 contract.Main Premium/Discount Range:

◎ According to statistics released by the General Administration of Customs of China:In December 2025, China's nickel ore imports reached 1.9928 million tons, down 1.3466 million tons month-on-month (MoM) (-40.33%) and up 0.4731 million tons year-on-year (YoY) (+31.13%). Of this total, laterite nickel ore accounted for 1.9612 million tons, and sulfide nickel ore made up 0.0316 million tons. Laterite nickel ore imports from the Philippines stood at 1.6087 million tons, accounting for 80.72% of the total imports in the month. For the full year 2025 (January-December), total nickel ore imports amounted to 42.2634 million tons, a YoY increase of 10.94%.

◎ According to statistics released by the General Administration of Customs of China:In December 2025, China's refined nickel imports hit 23,394.299 tons, up 10,724 tons MoM (+84.64%) and up 5,100 tons YoY (+27.88%). The net imports of refined nickel in the month reached 10,097.99 tons, up 106.62% MoM and down 525.23% YoY. For the full year 2025 (January-December), cumulative refined nickel imports totalled 231,188.825 tons, a YoY increase of 133,916 tons (+137.67%).

◎ According to statistics released by the General Administration of Customs of China:In December 2025, China's refined nickel exports reached 13,296.309 tons, up 2,370 tons MoM (+21.69%) and down 3,839 tons YoY (-22.40%). The net imports of refined nickel in the month reached 10,097.99 tons, up 106.62% MoM and down 525.23% YoY. For the full year 2025 (January-December), cumulative refined nickel exports totalled 171,326.914 tons, a YoY increase of 48,646 tons (+39.65%).

◎ According to statistics released by the General Administration of Customs of China:In December 2025, China's nickel sulfate imports reached 34,035 tons, up 2,217 tons MoM (+7.0%) and up 10,741 tons YoY (+46.1%). Specifically, imports from Indonesia, South Korea and Finland stood at 22,980 tons, 3,275 tons and 4,365 tons respectively. For the full year 2025 (January-December), cumulative nickel sulfate imports totalled 277,628 tons, a YoY increase of 24.6%.

◎ According to statistics released by the General Administration of Customs of China:In December 2025, China's imports of nickel hydrometallurgical intermediates reached 0.1633 million tons, down 0.0152 million tons MoM (-8.51%) and up 0.0320 million tons YoY (+24.36%). Among this, imports from Indonesia amounted to 0.1382 million tons, down 13.03% MoM, accounting for 84.60% of the total imports in the month. For the full year 2025 (January-December), cumulative imports of nickel hydrometallurgical intermediates totalled 1.8722 million tons, a YoY increase of 30.73%.

◎ According to statistics released by the General Administration of Customs of China:In December 2025, China's ferronickel imports reached 0.996 million tons, up 0.101 million tons MoM (+11.2%) and up 0.001 million tons YoY (+0.1%). Specifically, ferronickel imports from Indonesia in December stood at 0.975 million tons, up 0.101 million tons MoM (+11.6%) and up 0.005 million tons YoY (+0.5%).

For the full year 2025 (January-December), cumulative ferronickel imports totalled 11.149 million tons, a YoY increase of 2.172 million tons (+24.2%). Among this, ferronickel imports from Indonesia reached 10.873 million tons, a YoY increase of 2.209 million tons (+25.5%).