[SMM Analysis] Nickel Sulphate Production Increased by 7% MoM in November

In November 2024, national nickel sulphate production reached 30,800 mt in metal content, or 140,000 mt in physical content, up 7% MoM but down 13% YoY. In November, demand side, the production of top-tier ternary precursors increased by 5% MoM due to improved domestic downstream demand. Therefore, nickel salt smelters increased production accordingly.

In December, due to the worsening losses, some nickel sulphate smelters are preparing to halt production for maintenance. Additionally, given the lack of robust restocking demand from downstream precursor plants, some nickel salt smelters are expected to reduce their production schedules. December production is expected to decrease by approximately 2.5% MoM, with an estimated production of 30,000 mt in metal content or 136,500 mt in physical content.