[SMM Analysis] Nickel Sulphate Production in February Decreased by 8.16% MoM

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According to SMM data, in February 2025, national nickel sulphate production reached approximately 23,900 mt in metal content, with physical production at about 108,500 mt, down approximately 8.16% MoM and 6.94% YoY. Demand side, overall demand weakened due to fewer downstream orders and fewer calendar days. Supply side, some nickel salt producers reduced production due to losses, and some had not resumed production after the holiday, leading to an overall decline in supply.

However, with the increase in production days and a recovery in downstream orders, nickel salt production improved. It is expected that by March, national nickel sulphate production will rise to 26,100 mt in metal content, with physical production estimated at 118,800 mt, up approximately 6.24% MoM but down 22.98% YoY.

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