According to Mysteel, China's nickel sulfate production stood at 206,500 tonnes in November, or 45,700 tonnes in Ni. content, down 9.14% month on month (MoM). The production comprised 0% nickel briquette/powder, 55.13% MHP, 34.02% high-grade nickel matte, 9.10% secondary nickel by raw material, and 1.75% NPI.
Source: Mysteel
In November, the pure nickel market saw significant production cuts, with the supply contraction exerting a structural impact on the industrial chain. Meanwhile, the downstream ternary precursor industry entered a seasonally weak demand period, leading several companies to successively lower their operating rates, which further reduced raw material procurement demand. This resulted in a certain degree of production reduction in the nickel sulfate sector.
However, the overall supply of nickel sulfate remained relatively ample due to weakened ternary precursor demand and relatively sufficient inventories. Against the backdrop of a loosening supply-demand balance, nickel sulfate prices continued the downward trend.
Written by Cora Ji, jiruyan@mysteel.com
