China: Nickel pig iron imports rise 7% m-o-m in May'26

• May NPI imports increase 7.1% m-o-m to 910,000 t
  
  
• Indonesia accounts for 97% of China's May imports
  
  

SteelDaily: China's nickel pig iron (NPI) imports rebounded in May 2026, rising 7.1% month-on-month (m-o-m) to 910,000 tonnes (t), according to data from the General Administration of Customs of China. Imports were also up 7.3% year-on-year (y-o-y), indicating improved inflows after a relatively weaker April.

The monthly increase was primarily driven by higher shipments from Indonesia, which remained China's dominant supplier. Imports from Indonesia reached 883,000 t in May, accounting for nearly 97% of total arrivals. Volumes from the country increased by 8% m-o-m and 6.9% y-o-y, highlighting Indonesia's continued strategic importance in China's stainless steel and battery raw material supply chain.

Despite the stronger May performance, cumulative import volumes during January-May 2026 remained below year-ago levels. China's total NPI imports during the first five months of the year stood at 4.325 million tonnes (mnt), down 4.2% y-o-y from the corresponding period of 2025. Imports from Indonesia totaled 4.174 mnt during the period, declining 5.2% y-o-y.

The divergence between monthly recovery and weaker cumulative volumes suggests that import activity strengthened only recently after softer arrivals earlier in the year. Lower shipments during the initial months of 2026 likely weighed on cumulative performance despite May's improvement.

Indonesia's overwhelming share of China's NPI imports continues to underscore the concentration of regional nickel supply chains. Any developments related to Indonesian mining policies, production levels, export regulations, or smelting operations remain critical for Chinese stainless steel producers and nickel consumers.

The May rebound may provide some support to raw material availability for China's stainless steel sector. However, cumulative import declines indicate that supply growth remains relatively constrained compared with last year, keeping market participants focused on Indonesian output trends and downstream demand developments through the remainder of 2026.

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