According to Mysteel, China's nickel sulfate production stood at 228,600 tonnes in October, or 50,300 tonnes in Ni. content, down 0.25% month on month (MoM). The production comprised 0% nickel briquette/powder, 50.93% MHP, 41.42% high-grade nickel matte, 6.05% secondary nickel by raw material, and 1.59% NPI.
In October, ternary precursor production continued to increase, and market demand for nickel sulfate saw further growth. However, refined nickel producers reduced production due to profit contraction, and transaction coefficients for nickel sulfate in the spot market remained elevated. As a result, some integrated companies opted to proactively lower prices to boost shipments. With the increase in spot supply of nickel sulfate, the release of raw material capacity, and the overall decline in nickel prices, nickel sulfate prices are expected to show signs of softening in the near term.
China's nickel sulfate production is estimated at 49,400 tonnes in October, down 1.8% MoM. This includes 16,300 tonnes of nickel plate produced using nickel sulfate.
Written by Cora Ji, jiruyan@mysteel.com
