Nickel Sulfate Production Review and Forecast

In January 2024, the national nickel sulfate production was 35200 metal tons, and the national physical ton production was 160000 physical tons, an increase of 13.91% month on month and 12.87% year-on-year. The increase in nickel sulfate supply in January is mainly due to the recovery of downstream precursor demand. Firstly, the recovery of overseas precursor orders has brought incremental demand for nickel sulfate; Secondly, due to the arrival of the Spring Festival in February, some precursor materials will be pre produced for February orders. 1. The consolidation of demand in February brought about a phased increase in demand for nickel sulfate. In February, with the arrival of the Spring Festival, due to the negative feedback from downstream precursor holidays and early stocking ending to the nickel sulfate end, some salt plants also have expectations of shutdown for maintenance or holidays. Therefore, it is expected that the production in February will significantly decline. It is expected that the national nickel sulfate production in February 2024 will be 29000 metal tons, and the national physical ton production will be 131600 physical tons, a month on month decrease of 17.76% and a year-on-year decrease of 7.24%.

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