According to customs statistics, domestic imports of ferronickel stainless steel totaled 910,500 tons in August, up 19.61% month-on-month and 45.59% year-on-year. Among them, the import volume of ferronickel from Indonesia amounted to 867,100 tons, an increase of 18.72% month-on-month and 48.78% year-on-year. The volume of domestic imports of ferronickel stainless steel material reached a new high.
From January to August, domestic imports of ferronickel amounted to 4.6912 million tons, an increase of 51.12% compared to the same period last year. Among them, the import volume of ferronickel from Indonesia amounted to 4.8454 million tons, an increase of 51.13% compared to the same period last year.
Domestic production of surfaced 4N stainless steel coil has remained at an all-time high in recent months, with steel mills generally reporting shortages of raw materials. The main reason for this is a series of measures by the Indonesian government, which have led to the restriction of the supply of local nickel ore, and the price of ferronickel has increased much more than the price of stainless steel (for more analysis, please visit “Nickel Ore Quotas Will No Longer Be Issued in 2023” ! Actions by the Indonesian government to increase market confidence"). Stainless steel production is at a high level, but downstream procurement efforts have not been coordinated in a timely manner. Social stocks and warehouse receipts continue to accumulate. Stainless steel prices have risen and fallen, while ferronickel prices have remained relatively high. Steel mills have suffered significant losses and are less willing to purchase expensive raw materials.
Judging by the volume of imports in August, the country has large reserves of ferronickel. pressure to fall.