China's nickel sulfate production stood at 177,400 tonnes in June, or 39,000 tonnes in Ni. content, down 1.34% month on month (MoM) according to Mysteel survey. The production consisted of 0% nickel briquette/powder, 49.67% MHP, 37.44% high-grade nickel matte, and 12.9% secondary nickel by raw material.
Despite an increase in overseas demand in June, the overall demand for the ternary industry chain decreased due to falling demand from ternary precursor companies, which focused on destocking. As a result, the price of nickel sulfate continued to decline.
China's nickel sulfate production is likely to fall 4.76% MoM and total 37,200 tonnes in Ni. content in July. Despite an earlier increase in demand for nickel plate production, which slowed the overall decline in production, subsequent inverted profit margins and reductions in deliveries and have led some companies to cut production. Therefore, China's nickel sulfate production is expected to decrease in July, and it is likely that around 10,675 tonnes of nickel sulfate will be used to produce nickel plate.
Written by Cora Ji, jiruyan@mysteel.com
