[SMM Analysis] Nickel Sulphate Production in January Decreased by 7.70% MoM

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According to SMM data, China's nickel sulphate production in January 2024 was approximately 26,300 mt in metal content, with physical production at about 119,500 mt, down roughly 7.70% MoM and 25.38% YoY. Demand side, some major precursor companies halted production for maintenance, while others reduced production due to the Chinese New Year break and weak downstream demand, leading to an overall weakening trend in demand. Supply side, some nickel salt smelters also suspended production for maintenance, while others opted for production cuts due to losses.

Considering weak demand and the Chinese New Year break, February's national nickel sulphate production is expected to drop to 25,900 mt in metal content, with physical production estimated at 117,900 mt, down about 1.33% MoM but slightly up 1.13% YoY.

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