According to Mysteel survey of 16 sample smelters (up by 1 from last month), China's refined nickel production was 22,729 tonnes in January 2024, a monthly fall of 6.88% month on month and an increase of 50.32% year on year. The average capacity utilization rate reported 72.23%, against a total capacity of 31,467 tonnes/month.
Source: Mysteel
In detail, one smelter in East China suspended the production for re-location, while those in Northwest, North, Northeast, and Central China all maintained normal production. A large-sized smelter in Northwest China has planned to ramp up the production in 2024, and a small smelter in East China and Phase II project of a mid-sized smelter in South China were newly in production.
The Sino-funded electrowinning-nickel projects in Indonesia have not yet reached full capacity, with a monthly production of roughly 3,500 tonnes at present.
It is expected that China's refined nickel production will jump 6.69% MoM and 41.56% YoY at 24,250 tonnes in February as most large and mid-sized smelters will maintain normal production during the Chinese New Year holiday, with new projects still ramping up, though the small smelters will be closed for holiday.
Written by Aggie Hu, huchenying@mysteel.com