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China Nickel Market Supply-Demand Balance & Price Monthly October

Source: Mysteel Nov 25, 2025 10:27
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Nickel Demand Production Supply
In October, nickel ore imports from the Philippines decreased by 25.28% month-on-month to 4.35 million tonnes, according to the General Administration of Customs of the People's Republic of China (GACC). Meanwhile, the production of MHP in Indonesia dropped by 1.44% MoM to 41,200 tonnes in October, while nickel matte production rose by 22.76% MoM to 35,600 tonnes.In the NPI sector, low-grade nickel pig iron (NPI) production increased 0.31% to 6,446 tonnes, while high-grade NPI production increased 7.58% to 16,459 tonnes in October, based on the data from Mysteel.China's nickel sulfate production totaled 167,479 tonnes in October, or 36,845 tonnes in Ni. content, down 1.86% month on month (MoM) according to Mysteel survey. The production comprised 0% nickel briquette/powder, 60.83% MHP, 32.16% high-grade nickel matte, and 7.01% secondary nickel by raw material. In addition, the production of ternary precursors increased 7.89% to 89,600 tonne.

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Price Curve
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